Succession planning is an ongoing process.
- Is the next generation familiar with suitable roles in the family business and explicitly knows the entry options?
- Has the promotion of entrepreneurship and identification with the company been anchored over generations?
- Can the next generation take on the leadership role in the company and know how to balance family dynamics, company demands and individual needs?
Family businesses are only as successful as their owners. Last but not least, the transition to a new generation contains some cliffs. They can be elegantly circumnavigated by means of a well-planned succession.
Family unity does not automatically mean family harmony. It is often challenging when two or three generations sit around a table and discuss the subject of asset transfers. There is a lot to consider when it comes to succession. Some are obvious, others less. Often you think of the technical aspects first because they are easier to handle. The complex and difficult questions concern the family members themselves. How much should be passed on and how much should be set aside for retirement? When is a good time to do this? How much should which children receive? How much should be donated for charitable purposes? Who should take over the family business?
Whether family buyout (FBO), management buyout (MBO) or management buy-in (MBI) - experience shows that it is worthwhile to deepen the individual options so as not to risk a dead end.
Furthermore, questions arise from different perspectives for those involved:
Next Generation Perspective
Children from family businesses ask themselves many questions. How do I know whether I want to or not? How do I know if I am an entrepreneur or not? What expectations does the family have of me? Who takes the first step? The uncertainty among the next generation is often great and so is the respect for corporate responsibility.
Senior Generation Perspective
Letting go of your life's work is not an easy task. Many speak of letting go - the planning and activation of the upcoming third phase of life is just as challenging and at the same time a huge opportunity. How do I manage to see the company handover as an opportunity and use my remaining time? How can I shape this process to maintain harmony within the family?
Perspective of the spouse
Often spouses have taken care of the offspring and also occupy a role in the company. You usually act in the background as a link between the family members and campaign for the ‘Family Spirit’. What role do I play in the family business? How can I take on a responsible role as a parent and / or spouse in the succession?
Contact
Would you as a family and company also want to look to the future with clarity and calm?
Then it is worthwhile for us to get to know each other.
Carole Häusermann
Im Park 4 | 8800 Thalwil
+41 78 744 40 64
carole@thefamilybusiness.ch
Weekly Family Business Snack here!
