Curt DiPasqua’s connection to his family was strong enough to pull him away from a career practicing international law and into a partnership with his father, mother, and brother that became hundreds of Subway sandwich shops in 11 Central Florida counties.
Jeff Bannon is a partner with The Rawls Group, which has focused on succession planning for more than 45 years. “The best time to start succession planning for most business owners is usually years ago,” he says.
The succession of a business is far more complex than what can be addressed in an estate document and the purchase of some insurance, he says.
Building it in
A succession plan, says Ron Parikh, principal of the investment firm CMG Companies, should be part of a company from the start. As the DiPasquas took their first steps toward a transition, “Our first idea was to treat everybody equally right off the bat,” says DiPasqua.
Seek professional help
“You will always need outside help and an advisory team to put together a worthwhile plan,” says Bannon. Navigating family relationships is one of the trickiest bits of succession planning.
Getting it right
Once a plan is in place, implementing it must be done carefully, with certain aspects requiring greater attention. DiPasqua is still the company CEO, and the next generation is doing well, he says.
Today, at 63, with a succession plan he thought would be his ticket to retirement, DiPasqua still working four days a week. “My wife is somewhat bewildered, but when you do something for almost 40 years, it’s hard to stop,” he says. However, he now knows that he can step back and retire any time, secure in the knowledge that “the kids” will carry on the family business for the next generation.
Click the following link to read Jeff Bannon’s post on the Multi Unit Franchising’s website titled: Planning for Success-ion: Insights and Advice on Passing It On
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