Preparing for the Transition to the Next Generation
Wine Business Monthly
“Preparing for the Transition to the Next Generation”
Genevieve Larson notes that succession planning involves a team of consultants. In the article Larson gives an example of how a large family winery went through the process.
“It’s a long process and not something that is going to happen overnight. It’s a team effort,” she said. “We have the legal components, accountants and other advisors that are very specialized to the family business. We’re typically representing family members and the older generation and considering what is going to happen when they die. We also work with outside consultants on psychological issues…that do work with family businesses more from the touchy-feely side of it. A lot of times these are very hard issues that make up the family dynamic. Generally, they have to deal with those issues before they can talk about the business issues.”