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When you combine a family with a family business, the holidays can sometimes be less than Jolly. The lines between family and business life can be blurry in a family business making it less than optimal to separate the two.

Planning your family business inheritances and other estate assets doesn’t have to be a battle. With some planning and clear communication and you can keep your family strong and your business legacy thriving. Remember, at the end of the day, you’re not just passing down a business – you’re “passing down your success”.

None of us have a crystal ball, we don’t know when the time will come that a succession might need to happen. You might not be ready to transition your business just yet, but what happens if have to walk away for health reasons? Start the conversations and planning now. Or someone else will make the decisions for you. Like the family law act or the courts. Nothing ignites a family feud more than money or misunderstandings. There are estate litigators for a reason. I am sure you don’t want your legacy to be that you failed to plan, and it ripped your family apart.

In my experience, the key difference between a family business and an entrepreneurial business is how the business was founded. Essentially how the business was started. What I mean by that is, was the intention from the get-go to be a business owner and it didn’t matter the industry? Or was the business developed from a need to pay the bills and support your family, something safer?

Not only do you want to share your personal and business vision of the future since they are so entwined but ask your family members for their vision of the family business. You may not have ever asked them. Now is the time to ask. Are they interested in the family business, or keeping it in the family? Have they been asked or shown a path to joining the business? What about your-in-laws? Have you talked to the spouses of your kids? It doesn’t have to be a child that comes into the business. Maybe the talent or enthusiasm you are missing is right in front of you?

It is important because this is your mini sales pitch, it may be your only chance to engage with your potential client/customer, you want it to be so good that they will want more information from you, not run in the other direction. It may be the only attempt to sell yourself, your product, or your service to your prospect. So, it better be good and roll off your tongue without thought, and they will remember you!