Exit Is Now - Plan Accordingly With Scott Snider The Family in Your Business
Mar 16, 2023
Tom Deans, a family business expert and author, joins Amy Wirtz, a Certified Exit Planning Advisor, to delve into the art of family business transitions. They discuss redefining success beyond legacy and tackling generational challenges in ownership. The importance of proactive succession planning is highlighted, as well as the need for open family communication to navigate expectations. Their insights emphasize teaching values to the next generation and recognizing family businesses as vital economic contributors.
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Flawed Succession Statistics
- Amy Wirtz rejects the common 30%/12% succession stats because they labeled a sale as failure.
- She urges broader definitions of legacy that include harvesting value and redeploying it across generations.
Selling Was Misread As Failure
- Tom Deans sold his family's large local employer and faced surprised, sympathetic reactions from his community.
- He wrote a book to reframe selling as a valid, healthy outcome for family businesses.
Separate Ownership, Leadership, Family
- Amy Wirtz frames succession as three separate transitions: ownership, leadership, and family.
- Treating each transition distinctly reduces conflict and clarifies expectations for all parties.
