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The Hawthornes
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“Are my children capable to run the business? Do they even want to?"
“Are my children capable to run the business? Do they even want to?"
A Successful Family Business CEO Ready to Transition to the Next Generation
John Hawthornes is the CEO of a successful family business, at which his children serve on the board and in key executive roles. Now that his children are grown and he is growing closer to retirement, John is considering who should take charge after he retires. Though they haven’t brought it up with him yet, his children are thinking along the same lines, and each of them envisions a different future for the company. John is proud of his children, and he is leaning towards passing the torch to them. However, he also wants what’s best for the company, and would therefore like to explore all his options, including selling outright or naming a non-family member as CEO, before he makes his final decision.
Key Business and Operational Questions
Are my children capable to run the business? Do they even want to?
What if I want to name a non-family member as my replacement?
Where and when do I start the process?
How do I value my business contacts and referral sources?
Who will take over? What will the other roles be for the children not named CEO?
Key Financial Considerations and Questions
How do I maximize the company value and get my wealth out of the transition?
How is compensation evaluated for the successor?
How will the transition decision/announcement impact the company value?
What are the tax/legal implications/requirements?
Will my kids be comfortable with the company valuation and my retirement package/benefits?
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Does this story sound familiar? If so, the Schneider Downs Exit and Succession Planning team can help. For more information, please contact us at [email protected].
Please note, our services are best suited for targeted businesses with revenue or value in excess of $5M.
About Schneider Downs Exit and Succession Planning
Schneider Downs’ Exit and Succession Planning services are multi-disciplined, fully integrated and holistic exit planning and succession solutions that are customized and designed for business owners by business owners. To learn more, visit our dedicated Exit and Succession Planning page.
The story, all names, characters, and incidents portrayed in this story are fictitious. No identification with actual persons (living or deceased), places, buildings, and products are intended or should be inferred.