Recently, shareholder John Wagner sat down with the Sarasota Herald-Tribune to discuss business succession planning. In the following brief video, John addresses why and when business owners should consider succession planning and provides tips for getting started.
We are pleased to announce the publication of the sixth issue of our firm magazine, Requisite. This issue focusses on succession planning for family businesses of all sizes. We feature an interview with Ken Feld, the CEO of Feld Entertainment (which owns Ringling Bros. and Barnum & Bailey Circus and Disney on Ice). He is the second generation of his family to run the business and is transitioning its control to the third generation. You will also find articles covering some of the emotional and technical challenges to creating a great succession plan. And we consider an underappreciated connection between Henry David Thoreau and his family’s business.
As the baby-boomer generation ages, an increasing number of family businesses will be experiencing transitions in ownership and/or management. Not all of these transitions will be successful; popular studies indicate that only 30% of family businesses survive beyond the first generation. In some cases, a transition may be undermined by a disconnect between the owner’s estate plan and the business’ succession plan. A transition can be both successful and profitable, however, with patience, persistence, and proper planning.
John Wagner and Doug Elmore recently discussed techniques that can help align a business succession plan with an estate plan at a joint meeting of the Gulf Coast Chapter of the of Florida Institute of CPAs and the Suncoast Chapter of the Financial Planners Association. Here is a link to their presentation materials: Striking a Balance: Aligning the Business Succession Plan With the Estate Plan