Integrating family into the business is a tricky process. Commonly, owners are either too easy or too hard on their kids, and with no formal process, next-generation flounders. Insecurities and resentment grow in this environment, impacting professional development and family relationships.

Succession planning provides formality and discipline for the family to enter and progress through leadership roles in the business. Joe shares that this process cultivated a deep ownership mentality within his children as they understood the responsibility of ownership.

How We Help You:

Are you struggling to effectively integrate family members into your business? The process can be challenging, often leading to either leniency or excessive pressure on family members. Without a formal succession planning process, the next generation may struggle to find their place, leading to insecurities and resentment that can impact professional development and family relationships.

Succession planning offers a structured approach, providing formality and discipline for family members to enter and progress through leadership roles in the business. By implementing a succession plan, you can cultivate a deep ownership mentality within your family and ensure they understand the responsibilities and opportunities of ownership.

Contact us to explore how we can help you with family business succession planning. Our insights and resources can provide valuable guidance tailored to your unique situation. Schedule a consultation today, and in just 30 minutes, you may gain useful ideas to apply to your business immediately.

Resources

  • Succession Readiness Survey:  A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook, impacting business value, growth, lifestyle, and ultimately achieving your vision.
  • Contact Us: We can help you with insights and 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 immediately.

For more insight from Joe Chastang of Chastang Ford, check out the next episode in the 10-part series:  Developing the Next Generation


The Succession Planning Matrix

Many people put off succession planning because they think it means retirement, exit, and the end. However; succession planning is just the beginning. It gives the owner options in terms of what “their next” looks like, whether that be growth, philanthropy, or a new business venture. Our process focuses are addressing 10 key areas of what we call the Succession Matrix.family-business-succession-planning

Click the following link for more drill-down resources on The Succession Matrix, or check out our Facebook post.

Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.

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.