Have you dealt with your family business retirement issues? Inadequate estate planning and failure to properly prepare and provide for the transition to the next generation, coupled with lack of funds to pay estate taxes, were among the three leading causes for the failure of family-owned businesses. In 47.7%, the transition and ultimate collapse of the firm was precipitated by the founderís death. (Survey of 800 family-owned businesses, University of Connecticut Family Business Program website ó www.sba.uconn.edu/Family Business)
Dr. Northington, Ph.D., delayed plans to begin his career as a counseling psychologist when, in 1980, he returned to Tucson to manage his family's construction-related business. His father had died suddenly, with no clear succession plans, and his mother had little knowledge of the business. So began Dr. Northington's unexpected 14 year education in managing a family-owned business and an opportunity to apply a formal education in psychology to the challenges of working with family members. In 1989, after his family business was sold, Dr. Northington founded Northington Ph.D. to assist individuals with career planning and life changes. Soon after, he developed Family Business Solutions as a major division of his practice.