Ensure the Future of Your Family Business

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President, Emens & Wolper Law Firm

Meet Bea Wolper

Succession and family businesses Key issues surrounding transfer Common hurdles families face Succession planning toolkit

Overview

There’s often no space between “family” and “business”

Family Businesses Are Unique

LegacyStewardshipIntegrityRespectKindnessHonestyCourage

Core ValuesResiliencePerseveranceSelf-disciplineCompassionGenerosityDependability

Communication Compensation Succession of leadership Succession management Succession of authority Succession of relationship Succession of values

Key Issues

Discuss even the topics everyone wants to avoid; remember the fairy tale, “The Emperor’s New Clothes”

Communication

Family businesses often pay too much or too little; saying “someday this will all be yours” is not sufficient

Compensation

A family business leader must be dedicated to the business AND the family

Leadership

Not every family member can run the business—in some cases a non-family member needs to be president

Management

The next generation family business leader needs to have the authority that accompanies the position.

Authority

The next generation leader needs to have relationships with customers, vendors and employees to make a successful transition

Relationship

Common Hurdles

What’s fair? Blood employment Self-discipline Denial/avoidance Procrastination

Guilt Tradition Desire for harmony Fear of retirement Fear of death

Family Business Toolkit

Tools for a smooth transition: Buy-sell agreements Family business trusts Entrance requirements Family council

Buy-Sell Agreements

A good buy-sell covers death, disability, divorce, dissension and unhappy captive owners

Business Trusts

You can place business stock in a trust to be held for the next generation, and distribute it after certain requirements are met

Entrance Requirements

Different family businesses may have different requirements: college, outside work, military, etc.

Family Council

A forum for family members, both inside and outside the business, to discuss all of the issues mentioned above

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