Baylor to Present Seminar on Succession Planning March 27

by Alan Hunt

WACO, Texas -- Less than one-third of existing family firms will successfully continue to the second generation. And less than one half of those will make it to the third generation.
To help family firms beat those odds, a half-day workshop on "Succession Planning in the Family Owned Business" will be presented at the North Texas Family Business Forum, a part of Baylor University's Institute for Family Business. The workshop will be held from 7:30 a.m. to 1 p.m., Thursday, March 27, at the Las Colinas Country Club on North O'Connor Road in Irving.
The program will be led by Dr. Barry Graff, an organizational consultant with the McGladrey & Pullen Family Business Group, Minneapolis, Minn., who works with family owned businesses in succession planning and conflict resolution.
Bob Hughes, director of Baylor's Institute for Family Business, said a combination of "poor planning and poor communication" often results in the failure of many family firms. "Owners, family and employees sometimes find it difficult to openly confront the emotionally sensitive topics surrounding succession planning."
During the program, Graff will discuss the importance of having a plan for the future, guiding participants through the steps they can use to develop their own plan. In addition to the scheduled program, the workshop also will include a continental breakfast, lunch, a roundtable session and networking opportunities for participants.
The workshop is part of the 1997 series, "The Family Business - Six Skills for Survival and Success," presented by the Institute for Family Business and the North Texas Family Business Forum. To register for the workshop or for more information, call (817) 755-2265 ext 5.