Here’s a good tip.  Temper your children’s expectations at the earliest possible point about how you want your family business to run after your passing/retirement.

The key to early successful family business transitions are having all parties on the same page.

Therefore, don’t lose the opportunity to direct those discussions when you are still “calling the shots”, and before each of your children start assuming that they will be in charge when you are gone.

Remind them, that “Poppa” and/or “Mama” knows best.  Tell them who you want to run the company, which child is suited for which job, and/or who should get bought out.

If you don’t tell them your thoughts, then each child may assume that one day they will be “running the company”.  That is not a good thing. These misunderstandings are the TNT when it comes to family explosions over family business successions.

Therefore, temper your children’s expectations early, by having concise and direct conversations with them about how things should run after your passing.  Have those conversations early and often.  Make sure your messages are consistent and clear.  Contact your attorney and discuss how to best implement your plans so that your family’s business can successfully and peacefully transition after your passing/retirement.

So, remember- when it comes to family business succession planning – the key is to temper expectations early.

Because, remember, inheritance is poison and some of the greatest inheritance battles take place over family businesses.  There is so much at stake for your family when it comes to this topic. Therefore, please consider taking the initiative early, and discuss your plans and expectations with them as soon as possible, because – inheritance is poison and no family is safe.