Succession Challenges in Family Businesses
Family businesses are complex entities operating across multiple domains: business operations, ownership issues, and family values. Succession planning touches on each of these critical areas.
Divestiture of Family Businesses
While many family businesses are successfully transferred to the next generation, bringing new impulses and strategies, not all transitions are seamless. Often, as businesses expand, they require a breadth of management skills that the new generation may lack. Existing management has gradually built up their expertise, whereas the new generation must acquire these skills quickly, which is challenging. Additionally, the increasing complexity of the business environment adds to the difficulty of succession. Sometimes, the next generation might be too young or have different career interests, complicating succession plans.
Advisory for Family Businesses
We aim to make timely and informed decisions, considering the market and strategic positioning of the company. Is the business strong enough to provide ample opportunities for the next generation? Is the new generation prepared to take on these responsibilities? Clifton Finance offers more than financial advice. We address business challenges, strategic issues, and assess the competencies of the new generation. However, succession can also occur outside the family, including the potential sale of the company. Clifton Finance can assist you in all these areas.