Communicate to Family about Your Intended Legacy Plans
The following is an excerpt from Ice Miller's Business Transition Strategies to Preserve Wealth Guide
, which provides insights on a variety of topics to help ensure a smooth business transition.
Third, manage expectations among your children by communicating your plans for the future early and continue to relay those plans as they develop and evolve. Confirm and reconfirm that the child involved in the business wants to shepherd it into the future. Be open about your plans with your other children. Unnecessary tension can be a symptom of the next generation speculating about the future, rather than having an accurate understanding about your plans. Regular family meetings, facilitated by your adviser team, can mitigate friction and misunderstandings and can ensure that your wishes are respected and upheld by the entire family.
If a child is part of the plan to continue and grow the success of your business, there are multiple options to ensure a successful transition. With careful planning, that transition also can provide a meaningful benefit to family members who are not involved in the continuation of the family enterprise.
To learn more, download the Business Transition Strategies to Preserve Wealth Guide
or contact Kristine Bouaichi
or Natalie Perry