This document summarizes key takeaways from an event on succession planning for family businesses. Some of the main points include: 1) Major innovations often come from outside an industry so it's important to get new perspectives, 2) Each generation needs multiple good business ideas to adapt to changing times, 3) Family businesses often change industries more than twice. It also stresses the importance of communication across generations, understanding different generational traits and values, and finding ways to involve all family members, whether in the business or not.

1. “TAKE AWAYS” FROM THE FBA’S EVENT TITLED SUCCESS,
SUCCESSION, AND SUNDAY DINNER (GREG MCCANN)
1. Major innovations almost always come from outside your industry.
2. With the rate of change, each generation needs three really good business ideas.
3. The average family enterprise changes industries more than two times.
4. Gen Y tends to be very audacious and innovative so give them an opportunity to
develop ideas. Don't give them the checkbook, but rather an audience.
5. Gen Y want meaning so connect with their values.
6. 70% of your employees will be in Gen Y.
7. Boomers want the next generation to approach them with issues.
8. Gen X don’t want to be considered a child anymore.
9. Gen X can be a good bridge to communicate across generations.
10. Ask these questions to help generations connect:
A. How can the family use generational differences to enhance the family and
the business?
B. Ask who is responsible for the culture of your family?
C. What would help you to understand another generation?
D. What do you wish the other generations would understand about you?
E. What traits of your generation can be an advantage?
F. How can we deepen the dialogue and understanding of generations in the
family?
P. Haans Mulder, JD, MST, CFP®
321 Settlers Road
Holland, MI 49423
616.392.1821
phmulder@holland-law.com

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G. What are the similarities between generations?
11. Plan and take action to break "family silos."
12. People don't listen until they've felt heard.
13. Create regular opportunities for families to connect and have conversations.
14. Passive wealth at a young age is the best way to corrupt the character of your
kids.
15. If family members don’t want to be in the family business, but are still very
innovative, find a way to obtain ideas from them.
16. Define the family first and create alignment. Then, create the legal structure with
advisers.
17. Best practices for family business.
A. Family communication.
B. Business/strategic planning.
C. Corporate governance.