“This business is like one of my children, its part of my soul. It is a member of our family, even though it doesn’t have skin and bones like the rest of us, I’ve devoted my adult life to its development, just as I have done for each of my children. For this business to fail and not succeed to the next generation would be a tragedy”
Most often, a family business represents a child or sibling. It is a member of the family “brought” along to family meals and vacations. Beyond family history it provides security, status, lifestyle, and legacy. So “How Do You Continue the Family Business Legacy?”
Every once in a while a new book comes along that provides a fresh perspective on a seemingly age-old topic. That's the case with “Seeking Succession” by Loyd H. Rawls (Horizon Business Press, 2004). The book starts where succession considerations should - with strategic financial and business planning. It goes on to cover leadership teams and estate planning, and gives smart insights about the generation in power, successors, and in-laws.
Rawls' writing is clear, colorful and happily free of psychobabble. Compelling case studies exhibit a lot of wisdom about family businesses, written by an author who has clearly worked with many of them for a long time. “Seeking Succession” provides practical guidance on how to structure a compensation plan for employed family members, insight on how behavior and attitudes of successors sets an example for the conduct of other employees, and the critical role key manager’s play in the business.
In today’s world, you are involved in more than just financial advising. You are either involved or have observed family and business issues that are affecting your client’s greatest asset.
Business succession involves much more than meets the eye. A coined word by Rawls “Succession Success™” involves not only the transactional transition, but the transition of ownership, leadership, management, and culture.
Through the real-life case examples, Rawls guides you through the steps that must be taken to protect a family business for future generations. The stories show that with diligent effort, success is within the grasp of families truly seeking answers to succession dilemmas. The solutions Rawls lays out are well destined to lead to effective win-win solutions.
About the Author: Loyd H. Rawls, CLU, ChFC, MSFS, President/CEO of The Rawls Group headquartered in Orlando, Florida, and has specialized in succession planning for closely-held, family owned businesses since 1973. Well respected in his field, Mr. Rawls is a highly requested speaker and has published numerous articles and publications on this subject such as “Seeking Succession: How to Continue the Family Business Legacy” and “The Succession Bridge: Key Manager Succession Alternatives for Family Owned Businesses.