<#if page.ID == "About"> In This Section
<#else> View Our Practice Areas

Business Succession - A Lesson From The Royals

Outside of the world of pomp and circumstance, failure to pass the baton to the next generation before the senior generation has actually passed away is detrimental both to the family and the business. A leadership gap weakens any business, while an unrehearsed succession process can tear apart even the most tightly knit families.

Likely you have seen and maybe read a steady stream of articles on the subject of "business succession." As the demographics reveal, there is a tidal wave of aging baby boomer business owners who will be passing the baton by design or by default. The latter is a much messier affair than the former.

If you are a baby boomer business owner, then consider a family that has some real life experience in managing successful successions - the Royal Family.

For some royal perspective and thoughts on the young Prince George Alexander Louis (the instant media darling and infant son of Prince William and Kate Middleton), WealthManagement.com recently offered an article titled "A Lesson from the Royals: Succession Is a Two-Way Street."

Succession really is a two way street. In one lane, it is the king stepping down to name his successor. In the other lane, it is his successor seeking to prove himself worthy to be the king. The principal is the same in business, and yes, even in small family businesses.

The perennial problem is that a business requires tested leadership and ability. Unfortunately, real life experience is a very difficult thing to acquire until you are actually holding the reins. That noted, few business owners are comfortable handing over reins even to their own successors.

If you are a would-be-king, then there are some principles to learn to prove yourself, to stand out, and to step up to the task on your own. Fortunately, the original article offers some practical advice.

And then there is the other side. As the current business owner - king of all you oversee - you also need to be mindful to give your successor some "playing time" while you can coach them.

The actual act of transferring the business can be complicated, for reasons legal and financial. As with any "dance," timing is key.

If your family business is worth keeping afloat, then the successful succession of its leadership is as great a goal worthy of your time and focus.

The Owner has retired; God save the Owner.

No Comments

Leave a comment
Comment Information
Email Us For A Response

Find Out The Difference That Experience And Expertise Makes

Get the peace of mind that you deserve. First, attend a seminar. This will entitle you to a free initial consultation and a discounted estate planning fee. To learn more about our services or sign up for a seminar, contact us online or call us at 866-402-1805. We have offices in Torrance, Orange, Newport Beach, Pasadena and Woodland Hills.

Questions? Contact Us.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Call Now For A Free Consultation: 866-402-1805
  • ${site.data.firmName}${SEMFirmNameAlt}
  • Main Office: Torrance

    Torrance Office
    990 West 190th Street
    Suite 500
    Torrance, CA 90502

    Toll Free: 866-402-1805
    Map & Directions

    Orange Office
    333 City Boulevard West
    17th Floor
    Orange, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Newport Beach Office
    5000 Birch Street
    Suite 8000
    Newport Beach, CA 92660

    Toll Free: 866-402-1805
    Map & Directions

    Pasadena Office
    790 East Colorado Boulevard
    9th Floor
    Pasadena, CA 91101

    Toll Free: 866-402-1805
    Map & Directions

    Woodland Hills Office
    5850 Canoga Avenue
    4th Floor
    Woodland Hills, CA 91367

    Toll Free: 866-402-1805
    Map & Directions

    Office map