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Ownership Planning is a part of succession planning having to do with how the ownership is transferred to the next generation. It focuses initially on the economic security issues for the parents and determines whether or not the stock will be gifted, sold, or the form in which it will be transferred. This is a highly technical area of planning that includes a multi-disciplinary team of advisors to assist the owner-entrepreneur in the completion of the Ownership Plan.

Related to the Ownership Plan is the Estate Plan. The five priorities for estate planning include:

A decision about whether or not there will be another generation of the family involved in ownership
Economic security for the parents
Equitable treatment of the children
Minimization of estate taxes
Family awareness about the plan

Ownership planning also includes wealth preservation planning, as well as wealth preparation planning. Wealth preservation planning is where the owner-entrepreneur work with his/her advisors to preserve the wealth that they have created. Related to this is wealth preparation planning which is planning for the impact of money on the family so that the adult children and grandchildren are not corrupted by money, and that the family can live consistent with its values regarding money.

Another aspect of ownership planning is determining a family policy about distributions and whether or not there will be distributions above and beyond the distributions for tax purposes. It is often a delicate issue in family businesses and is something that needs to be addressed directly.

The final aspect of ownership planning is the development of the board of directors. When necessary, the creation of an active governance function within the family business.

Table Of Experts: Family Owned Businesses The Minneapolis/St. Paul Business Journal held a panel discussion recently, featuring five expert panelists to explore topics about the issues and opportunities within family-owned businesses.Succession Planning - Family Business Fathers - Part TwoOffer your own hugs. Reach out to each other. Let other family members know what you want emotionally. Demonstrate involvement. A dad who is emotionally engaged is invaluable to a successful family-owned business. Succession Planning - Family Business Fathers - Part OneI have realized over years of consulting just how vital dads are in the emotional development of their adult sons and daughters. Fathers who take the time to bless their children by participating in their lives recognize the powerful bond that is created. The fathers' investment of time and energy reaps tremendous rewards in the relationships they enjoy with their sons and daughters.Intellectual Property and Succession PlanningMany conflicts can erode family relationships in a family-owned business - succession, ownership, estate management, leadership, retirement, perceived fairness and more. But one of the most unique and damaging can be the disagreement over intellectual property. Inside-out Succession Planning - Part 2Understanding the Four PlansInside-out Succession Planning - Part 1What motivates a successful plan?Emotionally Speaking - Exploring the poignant points of passing the torchMany family businesses go through a terrible time when the leadership succession process is in full swing. There is not only the technical matter of learning the job, but also the emotional matters of loss and the need for validation and passing the torch.10 Most Prevalent Obstacles To Family Business Succession PlanningTen obstacles derived from my observations of client situations that became stumbling blocks and obstructed their ability to move from their current state to successfully navigate the succession planning process.Plan Now to Ensure a Successful Transition LaterMarvin Schwan established a successful multibillion dollar business and was an extraordinarily successful owner/entrepreneur, yet at the moment of his death, everything he worked for seems to have fallen apart. What went wrong?Through Family Philanthropy and Service Wealth Enriches Your LifeThe family, business and community all benefit from acts of philanthropy and service. Family philanthropy and service allow you to express your values in meaningful and tangible ways.The Successful Family Business is Both a Successful Family and a Successful BusinessThe leader of a successful family business has to answer two questions that the leader of a publicly held company doesn't have answerHeritage is the DNA of Your Family BusinessHeritage will never show up your family business's balance sheet, but it is one of your richest assets.Where Does Your Family StandYour family values live in your family business. This business legacy contains powerful emotional forces like belief, fear, control and acceptance. Under the stress of change, especially succession, those forces become even more evident-and perhaps conflicting.Family Wealth ManagementAn important part of wealth management is often overshadowed by the amalgamation of wills, taxes, trusts and investments that make up the financial side. The often-neglected side of wealth management is its emotional side. The emotional side of wealth management requires managing the impact wealth has on family relationships.Attuned to the Importance of Wealth PreservationWealth preservation is important for your family-owned business because it impacts both the family and the business. Protecting economic security benefits both the business and personal relationships. For family businesses, particularly those preparing for a transition in management, wealth preservation is a top priority.The Richness of Your Family Legacy Articulated and PreservedYour legacy weaves together the spectrum of values, emotions, relationships, and personalities found in a family with the ambitions, struggles and successes of business. Have you ever looked at your unique tapestry?Fine Tuning Your LegacyI would suggest that legacy is both financial and non-financial. I have come to look at legacy as your gift to the future to help others find their own success.

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