How can the family continue to work together, grow together, and stay together over the coming years and decades, as the family moves from one generation of leaders to the next.
Exit planning is sometimes a subset of continuity planning, as some individuals have roles within the family or business that will be phased out over time, as part of the overall continuity of the business family.
The two things that both of these subjects have in common are the following:
- The more time taken to make the plans, the more successful they are.
- The better the communication about the plans, the better they turn out.
Unfortunately, another thing that they have in common is that people often start their planning much later than they should have.