Succession Planning

News & Analysis as of

The Next Generation

Almost by definition, a family-owned business consists of multiple generations of owners and operators. The different generations may have different visions for the business, but they are usually all aligned on wanting what...more

New Governance Best Practices Released

On July 21, a diverse consortium of leading corporate executives and business leaders released the compilation, "Commonsense Principles of Corporate Governance."...more

Management Lessons from the Chicago Cubs

Despite the Cubs’ historic start to 2016, a true blue Cubs fan can’t help but remain skeptical about what the fall has in store for the team. A history of 100+ years of doing the same thing with the same annual result has...more

NLRB Decision Potentially Expands "Perfectly Clear" Successorship Rule

The National Labor Relations Board (NLRB) issued a decision in Nexeo Solutions, LLC earlier this week, ruling that the buyer in an asset purchase of the seller’s business was a "perfectly clear" successor. As a result, the...more

Hidden Threats to Your Supply Chain

In 1997, during a period of peak demand, a factory fire at Aisin Seiki Co., one of Toyota's key suppliers, shut down production of P-valves, a small but vital component in Toyota's braking systems. Toyota, champion of...more

Managing the Generational Transition

Almost by definition, a family-owned business consists of multiple generations of owners and operators. The different generations may have different visions for the business, but they are usually all aligned on wanting what...more

Event Recap: Transitioning to Sibling and Cousin Generations

Recently, DWT’s Family Business Group sponsored a day-long workshop on Succession Planning featuring Professor Ivan Lansberg from Northwestern University’s Kellogg School of Management.  Professor Lansberg is one of the world...more

Governor Kasich Signs House Bill 229 to Create Ohio Family Trust Company Act

On June 14, 2016, Governor Kasich signed House Bill 229 into law. The bill, which was over two years in the making, allows an Ohio family to establish its own trust company to serve as trustee for its family trusts. The...more

Top 10 “Must Do’s” Before Selling Your Business

After years of hard work, day after day, night after night, you have decided to part with your “baby”— sell your business. It can be one of the most difficult decisions of your life, and one of the most consequential. ...more

What’s Next: After the Sale of a Family Business

Sometimes, the right succession plan is to sell the family business. Recently, four veterans of family business sales shared their experiences with other families at a DWT Family Business Legacy Series Event in Seattle. ...more

Recap: Powell’s Book’s | The Rise of an Empire

“If you give the business to my brother, you will never see your grandchildren again.” When Michael Powell heard that description of a family business succession plan gone wrong from another family in the area, he...more

The Challenges of “Staying in Place” to Address Succession Planning

Over the past few months, we’ve dedicated much of our blog space to the significant challenges associated with succession planning in law firms. Variations of this topic come up in most current conversations with clients and...more

Board Refreshment: Investors Respond to Trends in Mandatory Retirement Age and Tenure with More Stringent Voting Policies

As many institutional investors have concluded, prevailing governance policies and practices have not produced desired board refreshment, which these investors would support in order to strengthen expertise, promote diversity...more

Fold ‘Em or All-In? A Dealer’s Guide to Succession Planning

Bet, fold, bluff, raise, and all-in. These are all common words when playing a game of poker, or as some call it, Texas Hold’em. Would you believe that just as with playing poker, these words could also be used when talking...more

Getting Succession Right: Remember – It’s Personal

In multiple posts over the last several weeks, including “Succession Planning Challenges – No Surprises Here” and “The Impact of Succession Challenges in Smaller Markets”, my partner, Mike Short, has explored various aspects...more

Life Insurance's Role in Family Business Planning

Family business planning is best served by having a knowledgeable advisory team, and a good team includes an expert on insurance. We found an article discussing the role of life insurance in family business planning in a...more

Jarmoc and Jarmoc: A Modern-day Bleak House?

A family feud recently unfolded in the Connecticut probate court, a typical venue for family feuds to play out after the death of a successful business owner. That is the case especially when a contested will is produced...more

The Impact of Succession Challenges in Smaller Markets

Last month I wrote about the succession planning challenges that many firms are, or will soon face. Based on what we’re hearing and seeing, there are a lot of law firms with a lot of client relationships and brainpower at...more

Business Succesion Planning - March 2016

The transition of a family owned or closely-held business is an important event for families. In a prior article, we covered the issues that a business owner faces in general in preparing a succession plan. This article will...more

Don’t Put Off Succession Planning for the Family Farm

With the fall harvest complete for most farmers, now is a good time to give some thought to an estate plan and farm succession plan. As farmers know, maintaining a profitable farm operation is difficult. It can become a...more

Law Firm Generations: Who Will Become the Next Ninurta at Your Firm?

When the Mesopotamian King of Gods, Enzil’s tablet was stolen and the young God Ninurta (thought of as powerless) rises to become the new king of gods, it is not without some harm. This story reminds me of the generational...more

Succession Planning Challenges – No Real Surprises Here

There is a well-deserved and surprising focus on succession planning within many law firms right now. The “well deserved” focus is justified because these firms are trying to bridge/balance the immediate needs and...more

Passing on the Business to the Next Generation: Not for Everyone

A recent article in The Economist (“The Reluctant Heir”) addressed the challenges in getting the next generation ready to take over the family business. These challenges are nothing new in the family business community. In...more

Before Your Han Solo Dies, Have a Business Estate Plan

In a Galaxy, Far Far Away, Han Solo ran a smuggling business with his good buddy Chewbacca in his ship, The Millennium Falcon. He would occasionally have a crew but they would always end up dying (I wouldn’t want to work for...more

Business Succession Planning - February 2016

The transition of a family owned or closely-held business is a significant undertaking even with the best laid plan. This article will outline the issues that should be considered by the business owner in transitioning a...more

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