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Family business succession planning
Go beyond a standard succession plan. Unite your family under one vision and steward a lasting legacy.
Are you beginning to explore what happens next with your business? Have you started to consider succession? Herringshaw Group is a strategic consultancy to help family businesses succeed through generation change.
Are you among the 67% of family businesses that don't have an actionable succession plan?
It's never too late to invest in the future of what you've worked so hard to build. Heirloom by Herringshaw Group is not just a succession plan; it's a legacy blueprint. We understand that your family business isn't just about revenue but values, history, and relationships.
Preserve your winning strategies
Ensure the core values that made your family business a success are passed down to the next generation.
Seamless leadership transition
Our "I to I" apprenticeship model ensures a smooth handoff, preserving both relationships and institutional knowledge.
Future-proof your business
With Heirloom, you're not just planning for the next generation but fortifying your business for generations to come.
Only 40% of family businesses survive into the second generation.
A mere 12% remain viable into the third generation.
Just 3% operate into the fourth generation or beyond.
Begin fortifying your family's business today. The initial consult is free.
The Heirloom process
The Heirloom process
1. Appraise: Laying the groundwork for Succession
Duration: 6 months
This initial phase focuses on strengthening the family culture and providing clarity for each stakeholder. Activities include family assessments, workshops, Clarity Equation Intensives, and crafting a Legacy Leader's preferred future. We conduct an in-depth diagnostic of each stakeholder's competencies to prepare for the business succession plan.
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Frequently Asked Questions
What sets Heirloom apart from other succession planning services?
Heirloom takes a unique approach by focusing on the transfer of intangible assets like values, culture, and leadership styles, in addition to the more traditional tangible assets. Our philosophy is rooted in Humility-Based Leadership, and our "I to I" apprenticeship model ensures a seamless transition that honors the legacy of the family business. While we specialize in the intangible aspects, we also work strategically with financial advisors and lawyers for those who require assistance with transferring tangible assets.
What does Heirloom cost?
The cost of the Heirloom process varies as every family business is unique, with its own set of complexities and needs. After an initial consultation, we'll provide a customized proposal that outlines the scope of work and associated costs. This ensures that you're only paying for the services that are most relevant to your specific situation.
How long does the Heirloom process take?
The Heirloom process is tailored to the specific needs and complexities of each family business. The timeline can vary significantly depending on factors like the readiness of the next generation, the complexity of the business, and the depth of change needed in family culture and business operations.
Is Heirloom suitable for non-family businesses?
Heirloom is specifically designed for family businesses. Our methods and tools are tailored to address the unique dynamics and challenges that come with transitioning leadership within a family structure. We provide succession planning, knowledge transfer, and planned retirement consulting for all businesses using our Legacy Forge service.
What kind of businesses can benefit from Heirloom?
Heirloom is versatile and can be applied to a wide range of industries and business sizes. Whether you're running a small local business or a large multinational corporation, if it's a family business, Heirloom can help.
Do I need to involve all family members in the Heirloom process?
Involving all family members is highly recommended for a holistic approach. However, the extent of involvement can be customized based on your family's needs and the roles each member plays in the business.
What happens if there's a disagreement among family members during the process?
Heirloom is designed to facilitate open dialogue and resolve conflicts. Our consultants are trained in conflict resolution and will guide your family through any disagreements to reach a consensus.
How confidential is the Heirloom process?
Confidentiality is one of our top priorities. All assessments, workshops, and consultations are conducted in a confidential setting, and any shared information remains strictly within the confines of the process. Participating members of Herringshaw Group will be happy to sign any NDAs necessary.
What resources will I receive during the Heirloom process?
You'll receive a variety of resources, including assessments, workbooks, and access to our proprietary tools. These resources are designed to guide you through each phase of the process, from appraisal to appointment.
Can Heirloom help with legal and financial aspects of succession planning?
While our primary focus is on the transfer of intangible assets, we can work in tandem with your financial advisors and lawyers to ensure a comprehensive succession plan that includes legal and financial aspects.
Now is the perfect time to preserve your family legacy.
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