- RetireHub
- Posts
- Passing the torch: family business succession
Passing the torch: family business succession
Trivia: Which country invented the first paper money?
RetireHub
March 03, 2025
Good morning from RetireHub! ☀️
It’s Monday, March 3, and today we’re diving into the best ways to pass the torch in your family business. Plus, the best deals and more!
Top Deals From Around The Web
We find the best daily online deals so you don’t have to!
→ 5% off Qunol Ultra CoQ10 100mg Softgels – Support heart health and energy production with these highly absorbent CoQ10 softgels.
→ 27% off MAREE Collagen Facial Mask with Hyaluronic Acid – Hydrate and rejuvenate your skin with these collagen-infused sheet masks. 6 pack!
→ 55% off DJI Power 1000 Portable Power Station – Stay powered anywhere with this intelligent 1000W portable power station, featuring 11 temperature sensors for safety and reliability. Now $449, down from $999.
What We’re Reading
Check out this free book—get it on Kindle before it’s gone!
 | By: Peter Rowlands "Utterly gripping – full of unexpected twists." Journalist Mike Stanhope dismisses the idea that his self-published novel is mistaken for truth. But after a break-in and a kidnap attempt, his search for a girl from his past takes unexpected turns. As pressure mounts from those demanding answers, Mike must confront his past and the line between fiction and reality. |
On this day in 1991, the video for "Smells Like Teen Spirit" by Nirvana debuts on MTV, marking the rise of grunge music and influencing the '90s music scene.
RetireHub Poll
Do you have a succession plan in place for your family business? |
Passing the Torch: Family Business Succession
For many seniors, a family business isn’t just a company—it’s a legacy. It’s a source of pride, a connection to the past, and a symbol of the hard work invested over the years. However, when it’s time to step back and let the next generation take over, ensuring a smooth transition can be a complex and emotional process. Family business succession isn’t just about passing on the keys to the business; it’s about securing the future of your hard-earned legacy while maintaining family harmony.
Planning for Succession: Why It Matters
Succession planning is crucial for any family-owned business. Without a clear plan in place, your business could face legal disputes, financial instability, or even dissolution. In fact, research shows that only about 30% of family-owned businesses make it to the second generation, and even fewer last to the third. Proper planning ensures that the next generation has the tools, resources, and knowledge to continue running the business successfully.
Steps to Ensure a Smooth Transition
Start Early: Succession planning should begin well before you retire. The earlier you start, the more time you have to assess potential successors, train them, and create a strategy for the transition.
Identify Potential Successors: This can be a sensitive topic, as family dynamics often play a significant role in decision-making. It’s essential to identify who within the family has the skills, passion, and dedication to run the business. This might mean having open, honest conversations about the future.
Develop a Clear Plan: Once you’ve identified the successor, it’s time to develop a plan. This includes training the successor, setting clear expectations, and establishing timelines. Don’t forget to consider the financial and legal aspects of the transfer, such as tax implications and ownership changes.
Professional Help: Seek advice from accountants, attorneys, and business consultants to ensure the transition is as smooth as possible. Having professional guidance can help you navigate the complexities of succession planning and avoid potential pitfalls.
Maintain Family Unity: Family businesses often face challenges due to personal relationships. It’s important to foster communication and understanding between family members to avoid misunderstandings and conflicts during the transition.
The Legacy Lives On
Passing the torch of a family business is more than just a financial transaction—it’s about preserving the values, traditions, and hard work that built the business in the first place. With the right planning, the legacy can continue to thrive for generations to come.
Yesterday’s Poll Results: Have you ever been part of a book club?
Well, well, well—looks like the majority of you are solo readers (59.4%)! No judgment, we get it—who needs distractions when there’s a good book? But hey, a solid chunk is curious about virtual book clubs (12.1%), so maybe it’s time to give it a whirl!
Thanks for the votes, bookworms! Keep those reading habits strong, and stay tuned for more fun polls! 😉📚
“I used to belong to a “book club” but we never read a book! 🍷”
“Would like a club where everyone reads a different book and tells us about it.”
“Many years ago I belonged to a book club. It was fun!”
As always, thanks to everyone who voted and commented!
Senior Living News From Around the Web
9 Podcasts for Women Over 50
Stay inspired and informed with these engaging podcasts covering health, lifestyle, and more.
Read more →
Follow us on Social Media!
Join an online community thriving in retirement! Find us on:
Every day we post retirement tips, highlights from our newsletter so you can comment and discuss in the community, and some fun retirement-themed motivation!
Longevity Tip of the Day
Regular physical activity is one of the best ways to boost your longevity. It doesn’t have to mean hitting the gym every day—simple activities like walking, gardening, or stretching can make a big difference. Keeping your body moving helps improve circulation, maintain muscle strength, and even boost your mood. So, get moving today, even if it’s just for 20 minutes. Your future self will thank you! 💪🌿
Slang Phrase of the Day
Phrase: Dank
Meaning: Slang for something of high quality, impressive, or excellent. It can also refer to something being moist or musty, but in modern slang, it’s often used to describe something cool, impressive, or "top-tier."
In a sentence: "That new pizza place we tried last night? The crust was so crispy and the cheese was melty—it was absolutely dank!"
Good News of the Day
Verizon Erased $10 Million of Consumer Debt for 6,500 North Carolina Residents in Path of Hurricane Helene
In an impressive act of corporate compassion, Verizon has forgiven $10 million worth of consumer debt for over 6,500 North Carolina residents impacted by Hurricane Helene. The company took this step as part of their commitment to help those affected by natural disasters.
Read more
Other Publications We Like
Check out these other email newsletters we think you’ll enjoy!
RetireHub Trivia
Want more trivia? Play our “Nostalgia Trivia Game” on our site! We add fresh questions daily, so there’s always something new to test your knowledge.
Not into trivia? No worries! We’ve got plenty of other fun games to enjoy, like:
What was the first movie ever to feature a talking cartoon character? |
What was the original name of the planet we now call Venus? |
Which country invented the first paper money? |
*This is a paid advertisement for Boxabl’s Regulation A offering. Please read the offering circular here. This is a message from Boxabl
**RetireHub may receive affiliate compensation for links clicked within this newsletter.
***RetireHub may share poll results with advertisers.