Over two decades of experience working with partners and families has taught us that most of their business-related conflicts have their roots in inadequate planning and preparation. An ounce of conflict prevention is best applied early in a partnership, a business succession, or estate planning process.
The Partnership Charter is a conflict prevention tool designed to help partners avoid the pitfalls and plan for their success. It is used to talk about difficult, seldom asked, and highly sensitive issues, and create guidelines and structures before the issues have a chance to result in conflict. A charter can be created when selecting partners and just starting out or after partners have worked together for years. Either time can be the right time to develop this unique business partnership agreement. More on the Partnership Charter >>
Successfully transferring leadership in business and family to the next generation is the ultimate achievement for many entrepreneurs. It assures that their legacies will be long-lasting and well appreciated. As with any significant achievement, a successful transfer requires planning, skill, investment, effort, expertise – and time.
The succession process frequently involves the creation of a business partnership among siblings or cousins in the younger generation. It almost always creates a temporary partnership between members of the older and younger generation. The quality of planning for the partnerships can determine whether or not the succession is successful. A comprehensive approach ensures conflict prevention and resolution. More on Succession Planning >>
Collaborative Estate Planning
Parents who wish to leave businesses or other substantial assets to their children have a special challenge as they undertake estate planning. This is particularly true if they would like to see their children jointly own or operate the business, vacation home or other asset. Where there are joint business and properties, generally a Partnership Charter is also utilized. More on Collaborative Estate Planning >>
Contact BMC today to learn more about how we can help.