Most family businesses identify and develop a CEO successor, and that is often the extent of their planning for a generational transition. While this is a good investment in one member of the next generation, it is often an under investment in the future of the family and the business.
Two-thirds of family businesses fail to make the transition at each generation through the third generation, and likely beyond. A generational transition includes a transition of leadership and ownership and ideally it involves the members of the current and next generation.
The Business of Family Business Ownership program supports family businesses who want to increase the odds of a successful generational transition. There are three objectives:
- Unify the next generation of owners.
- Develop the next generation to be effective owners of the family business.
- Align the current and next generation about the business and family.
The program includes 20 topical areas critical to family unity, business ownership and governance. The 20 modules are delivered quarterly (4.0 hours) by experts. Members of your family network and benchmark about each topic with the current and next generations of other family businesses. Finally, in each module, your family decides on actions you may want to take.
The experts include:
- CMA – People and talent experts
- BKD – Accounting, financial, and tax experts
- Bryan Cave – Legal and estate experts
- First Bank – Banking and trust experts
- JW Terrill – Risk management experts
For a complimentary, no-obligation discussion with a CMA consultant to see if this program might be appropriate for your family business, please contact CMA.