Family Businesses and Succession Planning: 3 Steps for Success

When transitioning a family-owned business from one generation to the next, there are unique challenges beyond just the financial aspects. Preserving family harmony is often an important concern as well.

In some cases, life insurance can help family-business owners reduce family conflict and protect relationships while passing on the ownership.

In general, careful planning for a successful transition involves three important steps:

Establish goals

Consider what is important for your business and family.

Identify challenges

Understand the unique challenges and potential conflicts.

Develop a plan 

Choose the appropriate strategy to achieve your goals.

Learn more about each step in this short video


To learn more about the role life insurance can play in family-business succession planning, talk to your financial professional

Fixed index universal life insurance is subject to health and financial underwriting.

Allianz Life Insurance Company of North America does not provide financial planning services.

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This content does not apply in the state of New York.