Speakers: Planning eases transition of
family businesses

Pittsburgh Tribune Review

Jobe Funeral Home in Monroeville is 114 years old, the product of cooperation and careful planning between generations.

Establishing a succession plan like the one it has can be key to whether family businesses continue to thrive after changing hands, experts say. But many times that's not a priority.

… Two of the main points in succession planning are tax avoidance and ownership transfer, but those things won't ensure continued success, said Joseph Astrachan, executive director of the Cox Family Enterprise Center at Kennesaw State University in Georgia.

Family businesses, he said, should hold family meetings at least once a year, do continuous strategic planning, and have a board of directors composed of people who feel free to speak their minds.