Family Business Succession: Timing is Key for External Perspective
Entrepreneurs, particularly those in family businesses, often face challenges in succession planning. Timing is crucial, and missing the right moment can lead to a loss of external perspective, as seen in the case of the Schlecker company.
Rolf Kauke, an advisor, employs systemic family therapy methods to navigate these complexities. Fear of asset loss, conflicting interests, and the successor's potential success are common conflict areas. An advisor need not be a psychologist but should be skilled in handling social situations. Some next-generation family members may not wish to take over the family business.
The succession process is lengthy and complex, typically spanning 1–5 years, requiring early preparation to avoid conflicts and ensure the company's future. Professional legal and financial advice is crucial to avoid delays and misunderstandings. Family foundations are increasingly discussed as a means to secure wealth and benefit different family branches.
Timely succession planning is vital for family businesses to maintain their external perspective and future viability. Advisors skilled in social situations can help navigate common conflicts. Family foundations are emerging as a tool to secure wealth and benefit multiple family branches.
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