Podcast (EB&Flow)

Keeping it in the Family: What You Need to Know About Family Succession in Business

September 2, 2022
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In This Episode

Many business owners dream of one day handing their business down to the next generation. However, what might seem like a straight-forward transaction can often turn into an emotional affair that brings up difficult conversations and questions. From differences in opinion on who should be an organization’s next leader, to the discovery that family succession isn’t a viable option at all, there are many factors that can impact the success of a transition plan.

On today’s episode of the EB & Flow podcast, Eide Bailly Partner Chad Flanagan discusses how families can approach this process in a way that ensures everyone is on the same page, common challenges families face, and how business owners can start laying the groundwork now for a smooth transition.

Show Notes & Resources

About the Host

Clinton Larson Photo

Clinton Larson

About the Guest

Chad Flanagan Photo

Chad Flanagan, CPA, ABV, Partner | Eide Bailly
Chad has been with the firm for over 24 years. He specializes in performing business valuation services for estate and gift tax purposes, litigation, and purchasing and selling businesses. He performs succession planning to help clients determine future ownership, leadership and management. Chad performs financial projections and forecasts as well as strategic planning for a variety of clients.

Why Next-Generation Family Business Planning May Not Be Easy

Family business succession planning doesn’t always include the next generation. But careful, proactive planning can ensure that your family business continues for years to come, even if it’s not family-owned.
Read the Insight