Many business owners dream of one day handing their business down to the next generation. However, what seems like a straight-forward transaction can often turn into an emotional affair that brings up difficult conversations and questions. From differences in opinion on who should be an organization’s next leader to the discovery that family succession isn’t a viable option at all, there are many factors that can impact the success of a transition plan.

On today’s podcast, Eide Bailly Partner Chad Flanagan discusses how families can approach this process in a way that ensures everyone is on the same page, common challenges families face and how business owners can start now to lay the groundwork for a smooth transition.

“Stepping back, going through a succession planning process, it’s really as much a strategic planning process as anything to say, what are our goals? How fast do we want to grow? How aggressive do we want to be? How much risk do we want to take? We find naturally that generation one probably wants to minimize risk and protect their assets and their investments, and generation two wants to grow and conquer the world and so they want to take risks. And they fight on a daily basis about operational issues because they view the direction of the company in two very different ways.” – Chad Flanagan

Guest Info:

Chad Flanagan

Partner

Eide Bailly