A Manner Of Speaking is a podcast focusing on a variety of legal issues. The next few episodes have a focus on business law and are hosted by corporate and commercial lawyer Neil Schwartz from Mann Lawyers in Ottawa, Canada. Neil’s guest in this episode is Danielle Walsh, a partner and Family Business Practitioner at MNP, who helps family businesses navigate transition between generations.
Neil and Danielle discuss the dynamics around running a family business including succession planning and associated legal and business issues. More than 60 % of family enterprises in Canada are going to be changing hands in the next decade, but less than 34% of them have a comprehensive plan that is documented with multiple facets to it.
The main takeaway: plan, plan, plan, and sooner rather than later.