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Family Succession Continuity Planning

Joe Breslin, CFP (Partner, Armstrong Dixon Business & Family Advisors)

Roy Dixon, CFP (President, Armstrong Dixon Business & Family Advisors)

Location: 228

Date: Sunday, February 24

Time: 10:00am - 10:45am

Pass Type: Catersource Conference & Tradeshow, Catersource Connect - Get your pass now!

Track: Business & Operations

Association: ICA

Vault Recording: TBD

Audience Level: Advanced

The family owned business is a unique animal. It represents a blending or, in many family situations, a clashing between business issues and the family dynamic element. In most families, it is impossible to separate the business challenges from the family challenges. Although the family owned business offers incredible advantages to its family members, those advantages are often over-shadowed due to family strife and disharmony. Siblings and family members can become bitter, disgruntled adversaries. All the above are contributing factors to the failure of the successful succession of the family business. This session explores the challenges to family succession continuity planning and will discuss solutions to:
• Managing the family dynamic element
• Improve communications
• Career development strategies for successors (children, in-laws, etc.)
• Compensation and accountability issues
• Emergency plan development
• Benefits of creating family charter
• Benefits of creating a family board