July 2016 RetailerNOW

Page 26

FAMILYMATTERS

Stayin’ Alive Here’s how to keep the family business going

(White polyester suit not required) By Wayne Rivers

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ast month we kicked off a series of three articles addressing why family businesses fail to do succession planning. You can check out last month’s RetailerNOW, but here’s a quick recap: The first reason succession planning is ignored is it rarely seems urgent for the family members involved. Of course, it never seems urgent until it is. By that time, it’s too late. The second reason is many family business plans tend to focus on tax avoidance and “drop dead” scenarios. Both of those create a false sense of security. Finally, the obvious: For myriad reasons, family members and/or employees push back against the plans that are being considered. This month, we’ll address three additional rationales for failing to plan. Do any of them strike a nerve with you and your store?

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JULY | 2016

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