Paul Karofsky - Keeping the Legacy Alive (J1117)

Here's a past highlight from one of our Guests. Find their full interview at  

 

Transcription:

Bill: What are some of the biggest challenges facing family businesses in their management transition? We asked Transition Consulting Group’s David and Paul Karofsky for their thoughts regarding this topic.

Paul: As the Baby Boomers are coming of age and getting a little bit older, as the next generation is starting to get a little bit older and come into that leadership position, this transfer of not only monetary wealth, but you’re talking about the businesses, the assets, whatever it might be, there needs to be a plan to transfer that seamlessly. To my Dad’s point, the more planning you do when you talk about it, as to what that transition of ownership looks like, what does that transition of leadership? Those two are not the same, they can be similar at times, but they can be mutually exclusive, as well, but until you really have a plan as to how you transfer that business from one generation to the next, it’s very difficult to do it. 

 

 

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