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Succession planning is critical for the smooth transition of a family-owned firm from one or more family members to the next generation. Although you may have identified the family members you want to transfer ownership to, you must be certain that these individuals can run the business profitably. The planning process helps identify the management and training gaps that exist and makes you aware of any tax implications or other potential stumbling blocks you need to consider.

Key Takeaways

  • A succession plan is crucial for a smooth transition of a family-owned firm from one generation to the next.
  • You may need to craft a training and development plan to ensure the next generation is effective in managing every area of your business.
  • A financial advisor can help navigate common stumbling blocks such as complicated tax implications and family dynamics.

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