How Do You Navigate Business Transitions When Next-Gen Is Not Interested In The Family Business?

When the next generation of family does not want to keep the business going, there are options available. You can liquidate, sell or keep the business long after you are gone. You first have to identify what your goals and vision look like, and then you need to rely on the help of a strategic partner to walk you through setting your business up for “what’s next”. Regardless of the direction you take, it is important you know the value of your business and those risks that may be lurking.

Watch the short video for  Aaron Chaitovsky with Citrin Cooperman and our very own Jeff Bannon’s insights on the burning question.

As you listen to this episode you will walk away with key take a-ways and will realize you will want more. Click to visit the “Burning Question” topic page to easily access the additional episodes in the series.

Do you have a burning question you want to discuss with an expert? Submit your question via the Ask An Expert form!

Tune into more burning questions by subscribing to our blog on the right side of the page. You will receive updates when new episodes are live that will address:

• Adjusting to the new normal for industries that rely on customer interactions
• Messaging for business owners / leaders to share with their people in times of crisis
• Navigating the path when some family want to work in the business & others pursue other careers
• Addressing uncomfortable subjects that are more difficult during crisis as opposed to normal times
• Strategies for helping a son and daughter to learn how to work together
• Navigating business transitions when the next gen is not interested in the family business
• Proactive strategies to position the business for the “unknown”
• Communication tactics ease employee’s anxiety and worry
• Managing emotions of others and self in times of stress
• Strategies to increase sales to cover costs and create more points of revenue

Family and Business alignment is hard to find when business issues liven up family dynamics.

However; with proper process, governance policies, and mutual respect built over time, a Family Business can thrive through multiple generations. Click the following links for more drill-down resources on  Family Dynamics and Family Governance.

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We can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.