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Andrea Brady and Tony Deutsch

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In Line to Take Over the Family Business? Start Preparing Now to Beat the Odds

Posted by Andrea Brady and Tony Deutsch on Tue, Jun 5, 2018

The odds are pretty staggering – only 30% of family-owned businesses succeed in transitioning their business to the second generation.

For those transitioning to a third generation, the odds are even worse – only 10% succeed.

There’s a way to beat the odds – prepare. The best business transition plans happen over many years, both to allow the next generation to learn the family business and move up the leadership ranks and also to best prepare the business financially. 

“A business needs a team of advisors to help them get through the transition,” says Tony Deutsch, CPA, MT, CGMA, a shareholder at Concannon Miller. “When developing a client exit plan, we partner with a business owner’s existing advisors, and/or bring in experienced advisors, such as Compass Point, a strategic partner of Concannon Miller that focuses on family business."

How the business is transitioned will affect the livelihood of both the current and future owner, as well as the future success of the business as a whole, so it’s important that we start early and get it right.”

Leadership training and developing financial skills are the top two skills you need to succeed in taking over your family business.

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Topics: Succession planning

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