Your business is a legacy.
A testament to your vision and years of hard work.
It's likely your largest asset, so passing it to the next
generation is a deeply personal decision.
Only about 1 in 3
family businesses survive that transition,
but with careful planning, we can beat those odds.
Let's walk through five key considerations designed to help ensure
your business thrives in your family's hands.
First, is your business healthy?
A strong company, well-capitalized, with low risk
and a solid management team is far more likely to succeed.
Post transition, we need to assess its financials,
operations, and leadership structure to confirm it's ready for this shift.
A shaky foundation can set your successor up for struggle.
So you want to make sure that the business is rock solid before moving forward.
Second, timing is everything.
You don't want to hand over the reins
during a major expansion or when capital is stretched thin.
The sweet spot is when things are stable.
Business as usual with a steady positive outlook.
This gives your successor a clear runway to lead
without immediate crisis.
Third, is your next generation aligned with the company's mission?
Your business has a purpose.
A culture that defines it.
The best transitions happen when your successor
and the current management team share that vision.
They need to carry forward your values seamlessly
with the existing team acting as a bridge to their leadership.
You may want to explore whether you've chosen your chosen heir
is truly in sync with the company's heart and soul.
Fourth, is your successor ready to lead?
It's not just about passion.
They need to grasp the operational complexities.
Financial records, and decision making around growth, risk and capital.
A prepared leader steps into the role with confidence, not chaos.
Finally, are you ready to step back?
This is often the hardest part.
You've poured your life into the business
and letting go can feel impossible.
But a successful transition depends on you being prepared
to pass the baton fully without lingering in the wings.
We can work together to plan your next chapter.
Whether it's retirement, philanthropy, or a new venture.
So you leave with purpose.
Transitioning your business is about preserving your legacy for generations.
Start that process early.
Ideally, years in advance, and lean in on specialists
like your tax estate and family business advisors.
Open communication with your family and team will be
the glue that holds this together.
Our team is here to guide you through every step.
I'm Will Murphy, and it's an honor and privilege
to serve a select group of clients, helping them to build, manage,
and protect their wealth, balancing emotions and feelings
with reason and logic to improve financial decision making.
Thanks for watching.