Historically, founders viewed passing down the business as a straightforward event that could be managed solo when the time felt right. Yet, research reveals a substantial “succession gap” where strong intentions rarely match actual preparation, leaving wealth creators unprepared for the profound cultural change required to hand over control.
Authored by UHNW Institute faculty members Stacy Allred and Dennis T. Jaffe, this publication offers a necessary corrective: transitioning from isolated, single-person choices to a shared, inclusive continuity planning process.
The Journey to Family Enterprise Succession: 5 Steps From Intention to Action tackles this gap head-on. It introduces a structured, five-step pathway — Reflect, Gather, Design, Develop and Execute — to help wealth creators and the rising generation collaborate effectively. By moving away from a paternalistic model toward a true partnership across households, this approach provides the tools necessary to define shared responsibilities and establish a coherent continuity plan. It also supplies a structured way for preparing both the outgoing and incoming generations, ensuring the longevity of the enterprise and the unity of the family.
Meet the Authors:
Stacy Allred, M.S.T.
Head of Family Engagement & Governance
J.P. Morgan Wealth Management
Dennis T. Jaffe, Ph.D.
Senior Researcher and Author
BanyanGlobal Family Wealth Advisors
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