Plan Your Transition

Discover the importance of proper planning for transitioning out of a family business. John Bailey, a Compass Point Family Advisor, highlights that while all business owners will eventually transition away from the business, only half do so on their own terms. Learn how to adequate plan to avoid unintended consequences such as lack of successors, strained business relationships, and emotional or financial damage to the family with Compass Point.

Transcript:

Here’s an interesting fact – 100% of business owners will transition out of their business, but only half of those will do so on their terms. That means that just one out of every two family business owners is going to leave their business in a way that’s best for them, their employees, their shareholders and their family.

So if you had to leave your family business today, would it be on your terms? I’m John Bailey from Compass Point. We help family businesses build successful businesses, aligned ownership, and greater family harmony in the process.

Without adequate planning regarding transition, we can be faced with unintended effects such as no apparent successor, critical business relationships in jeopardy, important decisions left in the hands of children who may be uninterested or had very little involvement with your business, ownership transferred unintentionally to minority shareholders, and sometimes unfortunately, even irreparable emotional and financial damage to the family itself.

So have a look at the tools here on our website. Everything we do regarding transition is designed to help you and your family with your transition toward the goals that you’ve always wanted.

A 30-minute phone call with us could be the first step toward building the legacy your family has always wanted.