Succession and Estate Planning
Succession Planning can be succession of ownership (estate planning) and succession of management and leadership. Each family business has to decide when and how this transition will occur to the next generation. All too often in the Caribbean, succession planning for family businesses occur in an ad hoc manner, with little to no planning.
We help to develop and navigate the transition effectively, while maintaining family harmony and ensuring that the business and family assets survive the transition.
Here are some questions you and your family will need to explore when engaging succession planning:
- What are the roles and responsibilities of each person in the succession process?
- Do all owners have an estate plan in place? Was there open and honest communication during the process?
- What do we want the business to look like in the future?
- Are the next generation capable of leading the business?
