Succession planning for family-owned businesses is one of the most important, and most overlooked, parts of running a successful enterprise. Whether your business is in Dallas, Houston, San Antonio, or a small Texas town, a clear plan ensures your company’s future remains stable and your legacy endures.
When Texas family businesses plan for succession, they typically face three key challenges: people, taxes, and cash. It’s also important to recognize that succession usually involves two separate decisions, who owns the company and who runs it. Those roles can overlap, but they don’t have to. A solid plan addresses both. Now, let’s look at how each of these issues can impact your family-owned business.