If there is a single constant in the world of business, it’s change.
Savvy and successful business owners know that when things get a little too comfortable, it’s often a signal that a big change is coming, and the time to take action has arrived. Change is thrust upon us from external circumstances (like, say … a global pandemic), and internal circumstances (an instinct to expand into a new market or finally step into retirement). But regardless of how it arrives, change always brings the promise of opportunity along with it.
Perhaps one of the biggest changes that a family business will face is the transition of ownership from one generation to the next. It’s a huge step, and one that requires a great deal of planning and strategic consideration well in advance of the actual exchange.
The team at Zeifmans is skilled at developing exit strategies and succession plans that meet the needs of both generations. Both parties need to have confidence in the future of the business prior to the company exchanging ownership, and the key to achieving this confidence lies in maintaining focus and attention on a number of critical priorities. That’s why we’ve prepared Ownership transition strategies: 4 factors to bridge the generation gap, which shares the factors we consider when developing comprehensive plans to support the future of our family business clients:
- Family dynamics
- Strategic planning
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Zeifmans is a family business, now in our second and third generation. Having undergone our own transition, we’ve learned how to balance the needs of the older generation while making room for the innovation of the younger. We understand firsthand how the interaction of older and newer ideas can influence a transition, and in some cases cause tension to arise.
Is a family business transition in your future? Reach out to our team today to start the conversation.