How Family Dynamics Can Change Without a Proper Succession Plan

Elizabeth Mower, President of BEI, interviews Paul Kalra, President of Signature America Insurance and Financial Services, at the BEI National Conference.  

Paul discusses the many examples of disagreements amongst family members when they didn’t have a succession plan in place. When siblings inherit the family business, relationships get tested and greedy characteristics of family members can surface. Learn how to avoid disagreements, resentment, and destroying family relationships with a well-thought-out succession plan. It doesn’t matter how close a family may seem, if a clear, thorough plan isn’t put in place, a business can tear even the closest families apart. As Paul mentions, “by not taking the steps today, you are sowing the seeds of friction later on.