Succession Planning in Multi-Generational Families: Challenges and Strategies
Explore the intricacies of succession planning within multi-generational families, tackling aspects such as estate planning, financial feasibility, business plans, and emotional roadblocks. Learn how to effectively communicate, build teams, and navigate through the complexities of passing down legacies to future generations.
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Presentation Transcript
Grandma and Grandpa (The Past Generation) The Brothers and Sisters Kids (The Future) Mom and Dad (The Current Generation) The Brothers and Sisters Spouses Farming Brother and Sister (The Next Generation) Non-Farming Brother and Sister
Succession Planning Other Aspects Estate Planning
Concern Step Concern Step Estate Plan 1 Estate Plan 5 Financial Feasibility 2 Financial 4 Business Plan 3 Business Plan 3 Dealing with Emotional Roadblocks 4 Dealing with Emotional Roadblocks 2 Learning how to Communicate and Teambuilding 5 Learning how to Communicate and Teambuilding 1
Grandma and Grandpa (The Past Generation) The Brothers and Sisters Kids (The Future) Mom and Dad (The Current Generation) The Brothers and Sisters Spouses Farming Brother and Sister (The Next Generation) Non-Farming Brother and Sister
Succession Planning Meeting Meetings Required (1/2 Day Meeting) Team building 1 to 2 Meetings Communications 1 Meeting Conflict management 1 Meeting Business philosophy and strategy Issues 1 to 3 Meetings Operational issues 1 to 3 Meetings Financial issues 1 to 2 Meetings Decision making and work responsibility transition map 1 to 2 Meetings Estate planning 1 to 4 Meetings Plan finalization 1 to 2 Meetings
