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Even very successful family businesses too often do not make successful transitions from one generation to the next. Estimates suggest that as few as 13 percent of family-owned businesses survive as family business for more than three generations. In some cases, the business may leave the family because the owner decides to sell it to a third party. In many others, however, the owner opts to transfer the business to the next generation without fully understanding how complex that transfer really is.
When the business is transferred from one generation to another, it often remains a focal point of the family's activities and the most significant source of its wealth. Despite the continuing importance of the business to the family, all of the roles and relationships surrounding the business will change, and those changes must be carefully and deliberately addressed.
EPIC Wealth Advisors works with owners of family businesses to develop and implement the effective succession and wealth transfer plans that are critical if the value that has been built into the business is to survive this transition. These plans and their successful execution can make the difference between a legacy of success for the current owners of the business and an economic burden on the family's future generations.
Succession planning will be different for every situation and every family. There is a wide array of planning alternatives that can be used to meet the objectives of any given owners, business, and family, and the art of succession planning is in the creation of a plan that meets the needs of a particular family and business.
EPIC Wealth Advisors provides specific expertise in the complexities of the succession planning process. These professionals work with the family to acknowledge important personal and family issues, to prioritize those issues, and to explore and understand options available for achieving the identified goals. EPIC Wealth Advisors will also work with the family and its other advisors to make sure that those priorities are consistent with the strategic and operational plans for the business and the family's legacy plan, and that they also form the basis of the implementation plan.
EPIC Wealth Advisors can also provide support to the family business system and departing owners as they adapt to a new role in the business and develop new plans for their own lives. EPIC professionals are available to the successor members of the systems as they assume their new leadership roles.
Contact us for more information.
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