Succession Planning

Succession Planning

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Succession Planning

Succession Planning definition:  Succession planning prepares for the departure of key business leaders in retirement or death.  Multiple issues are considered and planned for, such as the financial consequences of selling the business and the transferring of ownership and control of business operations.  Some family businesses may remain within the family and passed on to new generations. Some families may find that no one is interested or qualified to assume the family business and must search outside the family for a successor.

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