Do you have a succession plan in place for your family business?
In this episode, Michael Parise shares his personal experience with succession planning as the second generation within his family business. He reveals the importance of communication between generations when developing your business succession plan, and how the expectations of each generation can shape the future of your business.
How you can create a sustainable succession plan that will keep your business intact through the generations
How the expectations of each generation impacts the succession planning process
Why you need to have open communication between generations in your planning
The benefit of working with outside sources and experts when creating a plan for your family business
Discover what you need to create a sustainable succession plan with Michael Parise!
By now, you should be knowing that governance is all about helping families stay organized and guided within their business. But where can you get started?
In the second part of this two-part series, John and Michael Parise are joined by returning guest, Blum & Savlov, LLP’s Jeff Savlov. This time, Jeff takes a deep dive to explain how families can begin and approach governance planning.
You will learn:
The three areas of focus when families are considering governance planning
Vision and mission statements as two simple methods of governance
How John and Michael deal with meritocracy and governance planning at Copper Beech
Governance planning as a solution for resistant (or opposing) generations
The role of a family council within the governance process
Listen in and find out the moral and legal components of governance planning!