7. #1:
Children
should
be
equal
beneficiaries
Thus,
children
become
equal
partners
regardless
of
their
knowledge,
experience
or
prior
involvement
in
the
business.
Children
must
grieve
the
death
of
a
parent
and
simultaneously
work
through
partnership
issues
to
make
business
decisions.
8. #2:
The
children
can
take
over
my
business
When
this
assump.on
is
not
tested,
children
receive
a
giQ
they
didn’t
want.
In
many
cases,
heirs
are
ill
prepared
to
handle
the
business
challenges
they
now
own.
The
emo.onal
toll
on
the
family
and
the
strain
on
the
business
created
significant
obstacles
that
could’ve
been
avoided.
9. #3:
Employees
are
loyal,
skilled,
and
will
carry
on
Many
.mes
the
owner
is
the
glue
that
holds
a
business
together,
but
they
underes.mate
their
intrinsic
value
and
the
degree
of
tacit
knowledge
they
possess.
This
blind
spot
increases
the
transi.on
complexity
because
these
aUributes
are
oQen
the
secret
sauce
behind
the
business
success.
If
the
secret
sauce
is
not
transferred
effec.vely
the
business
(and
the
heirs)
will
suffer.
10. #4:
If
I
take
care
of
legal
and
tax
issues
everything
will
be
ok
Legal
and
tax
planning
are
important
aspects,
but
they
are
not
a
comprehensive
or
strategic
transi.on
plan.
Business
owners
must
plan
for
the
vacuum
created
in
organiza.onal
structure,
leadership
and
capacity
when
they
are
no
longer
in
place.
11. #5:
The
business
can
always
be
sold
if
necessary
All
too
oQen
SME
owners
assume
their
business
has
value
and
heirs
can
liquidate
if
necessary.
However,
business
income,
sales
volume
and
even
profit
may
not
be
enough
to
give
the
business
sufficient
market
value
to
be
aUrac.ve
to
savvy
buyers.