By Emy Brubacher
The succession planning process can be a sensitive and challenging time, especially when it comes to navigate emotional family issues. In a recent Milk Producer article, "Written Word", Mike Bossy of BNG Bossy Nagy Group addresses certain strategies that can help ease the process and define a unified vision for the future.
In the article, Mike outlines the importance of timing, communication, and formal documentation in making a plan for family business succession. He also shares insights about what to consider when creating a plan; the questions that should be answered and the information that should be included.
Because a family business is often more than just a "business" but a family "legacy", it can often hold a lot of emotional attachment for people. This can make it difficult for family members to remain objective during succession planning. Therefore, it can be highly beneficial to bring in a professional advisor to help navigate the process and to mediate between family members to create a plan that everyone is invested in.
To read the full article, click here to access the publication (pages 20-21).