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Second only to start-up, the transition from one generation to another is the most difficult hurdle a privately held company will ever face. Less than 30% of those who try succeed. It doesn't matter if the transition is from first to second or second to third, the results are nearly the same. Over 70% of the time, the company either fails or must be sold. The job of the next generation is much more difficult than most people think. It can be more difficult due to the size of the company, a dilution of control, unrealistic expectations, communication difficulties, or even a feeling of birthright. You have worked hard to build the business to where it is today. If you leave these issues to the next generation to solve for themselves, you are setting up the transition for a 70% chance of failure. It is up to the successful leader to initiate the process of addressing the difficult issues of succession planning. But it doesn't mean doing it all or even going it alone. By bringing in an expert in family business, your chosen successors can be introduced to the challenges they will be facing, while you are still leading and managing the company. Excel brings proven tools and strategies to help you and the next generation navigate this difficult but important transition. Excel will help your family business reap and maximize the benefits of the leadership, management, and ownership components of your estate and succession plans. With proper preparation and the luxury of dealing with the issues in an orderly manner, the company you built can bring happiness and prosperity to generations to come. |
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