25% of senior generation family business shareholders have not completed any estate planning other than writing a will; 81% want the business to stay in the family; and 20% are not confident of the next generationís commitment to their business. (Arthur Andersen/ MassMututal, 1997)So how about you? You've put a lot of time and effort into your company so establishing a succession plan is vital.
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. Dr. Northington guides clients in all stages of family business operations, from making the decision to start a business to planning for retirement.