Succession Planning: To Avoid Landmines, Seek Advice Outside the Family
By William H. Jennings | May 1, 2014 |
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Succession Planning: To Avoid Landmines, Seek Advice Outside the Family
Succession planning is a difficult matter in any business. In a family-owned business, the difficulty is, if anything, much greater. Family politics and interpersonal relationships are always challenging – all the more so when the future of a business is at stake. Most family businesses are dominated by one or two strong leaders – often a founder, always an authority figure – who leave succession planning until the last possible moment, sometimes settling on a successor who doesn’t have the makings of a good future leader. The results can be disastrous. Picking the wrong successor can destroy the business. It can be equally bad to pick no successor at all.
This article was originally published in ABO Developments, Volume 22, Number 2, Spring 2014.
About William H. Jennings
William H. Jennings, CPA, is a Senior Consultant in the Real Estate Group at Marks Paneth LLP. Mr. Jennings served on the Marks Paneth Executive Committee, which sets policy and strategy for the firm, from its inception until 2019. He is the former Partner-in-Charge of the Real Estate Group and the former Partner-in-Charge of the firm’s Boca Raton, Florida office. With over 40 years of experience in public accounting and a keen focus on the real... READ MORE +
