Keeping the Business in the Family: A Roadmap to Successful Succession

Keeping the Business in the Family: A Roadmap to Successful Succession

Family businesses, like farms face many challenges when they are passed along to the next generation. Less than one third of first-generation family businesses survive into the second generation, and only 13% make it into the third generation. There are several reasons for these low rates including no plan for management succession.

Purdue Institute for Family Business (PIFB) has created a new program, Keeping the Business in the Family: A Roadmap to Successful Succession. This program takes a holistic approach to succession in farm and family businesses; delving into strategic management, relationships, conflict management, managing stress, and ending with creating a timeline and roadmap for the ownership and management transfer process. The training will cover three modules with a total of six hours of educational materials.

“As educators and specialists, we understand that relationships between family members and business members are critical for succession planning,” said Renee Wiatt, Family Business Management Specialist for PIFB.

Purdue Extension is hosting this class at the Marshall County Extension Office (112 W Jefferson Street, Rm 304, Plymouth, IN 46563) from 9 am ET to noon on February 20 and 21^st.

The cost of the program is $50 per person. To register you can contact, Phil Woolery at 574-772-9141, pwoolery@purdue.edu or the Marshall County Extension office at 574-935-8545.

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