Updated: February 27, 2024
Ask ACE
Ask ACE: Resources for family business succession planning
By Priscilla Hansen Mahoney
Q: My brother and I work for our family business. We know our father will retire, and that there may be unexpected events. Can you suggest resources for starting a family conversation about the business’ future?
ACE advises: You are not alone; 80% of Maine’s businesses are family-owned, so others have faced similar situations. Navigating “the talk” — the succession talk — can be challenging depending on your family’s openness to future planning. Here are some best practices from the Institute for Family-Owned Business, a nonprofit supporting and empowering family-owned businesses in Maine.
Shift from reactive to proactive. Instead of reacting to stressful events, like retirement or a health crisis, initiate succession planning proactively. Attending educational events together to start the conversation. Hearing others’ experiences can inspire productive discussions at home.
Acknowledge experience and legacy. Recognize the hard work, dedication and sacrifices that built your family business. Express gratitude for the lessons learned and the legacy created. Acknowledge your father’s continued role in shaping the business’s values and vision. Address his potential fears and uncertainties about the future.
Be clear on your aspirations. Define your role and future in the family business, including your desire to stay and the responsibilities you envision. Identify the needed education, resources and support for success and be open to seeking additional help and professional development.
Get support. Based here in Maine, the Institute for Family-Owned Business offers resources and peer advisory/affinity groups for guidance from those who’ve faced similar challenges. Succession planning in family business is often a difficult and emotional process but help and support is available.
Priscilla Hansen Mahoney of Blazing Trails Coaching is the next-gen affinity group advisor for the Institute for Family-Owned Business. Priscilla grew up in a family-owned business. She can be reached at priscilla@blazingtrailscoaching.com.
Join the IFOB on Nov. 9 for a program to learn about the next-gen peer advisory groups and how to enroll.
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