RFN provides a comprehensive roadmap for business owners navigating the complexities of transitioning their businesses. Our Academy has programs highlighting the importance of understanding the spectrum of business transition options. Business owners are advised to evaluate options based on fit, feasibility, likelihood and to seek professional assistance. We believe in further exploration and personalized guidance, empowering owners to approach their business transition with confidence and strategic foresight.

While both Yellowstone and Succession showcase a variety of exaggerated conflicts rooted in drama, they do an incredible job of capturing the power of family dynamics and headlong emotions. We see animosity, resentment, avoidance and tensions between siblings and generations, all reflections of reality we can learn from.

Listen to Sean Hutchinson interview organizational consultant and clinical psychologist, Dennis Jaffe, PhD. “He is one of the leading architects of the field of family enterprise consulting and helps multi-generational families develop governance practices that build the capability of the next generation leadership and ensure ongoing capability of financial organizations and family offices to serve their family clients.” 

Successful business transitions take intention, communication and planning. This is especially true for family businesses with added complicating factors. First to second generation transitions happen only 30% of the time, second to third only 12% and making it to the fourth and beyond is only successful for 3% for families.

How do I beat the family transition odds? If you are a business owner, the answer to this question is important to you.

Despite the leaps and bounds towards gender equality society has made in the last few decades, working with women entrepreneurs remains an untapped market for transition planners. As a professional advisor, it is critical for you to understand the different approaches women typically take to owning a business so you can offer them the most impactful advice.

Julie Keyes, in a May 2022 EPI webinar, shares her experiences as a business owner and working with other women entrepreneurs so you get a feel for:

• What to expect

• How to use your knowledge strategically

• Common obstacles and how to address them

More than 40% of businesses in America are currently owned by women. This webinar will help position you to provide immediate value to women business owners, so you don’t miss out on quality clientele and they get the advice they deserve.

Pick any team sport and there are specific skills needed to be victorious and have positive outcomes. The same is true for any large endeavor.
Transitioning from business ownership is likely one of the largest decisions and processes you will undertake. It is important to have a team around you advocating and supporting you through the experience.

The statistics for owners who successfully transition out of their businesses are alarming and can be paralyzing. There are steps you can take today to put you in the driver's seat and improve your odds no matter how near or far you plan to transition.

How do I beat the transition odds? If you are a business owner, the answer to this question is important to you.

Successfully transitioning a family businesses have dismal statistics. Succession planning in families has built-in complications and yet ongoing legacy depends on it.

“It is a wise father that knows his own child.”

William Shakespeare, Merchant of Venice

Family businesses come with some unique complications. Managing human resources gets tricky when the team member is also family.

How do I manage unproductive family members who are in the business? If you work in a family business, the answer to this question is important to you.

Lack of proper succession planning is primarily to blame for 70% of family businesses failing to transition between first- and second-generation owners.

Family business transitions have their own, specific complications. Determining when your child or children are ready to take on the responsibility of owning and/or running your business requires dedicated attention.

How do I know if my kids are ready to take over the business? If you are a business owner, the answer to this question is important to you.

90% of all businesses in the United States are family held. Succession planning within the family can add additional elements and legacy can have an additional level of importance.