Description:

The 2007 Family Business Survey discovered that 71% of firms had no succession plan in place, and a startling 59% had no CEO selected. Coupled with earlier findings that in nearly half (47.7 %) of all business failures, the transition and ultimate collapse of the business was precipitated by the founder's death, or in 29.8% of the cases, the owner's unexpected death.

In 2005 Michelle van Schouwen read an article about the crises owners of and participants in family businesses can experience when an owner dies. Struck by the article and by the helpful to-do list included in the piece, her and her husband Steve, with whom she co-owned their marketing firm, began to take action. They updated their estate planning and shared passwords and other important information to help assure that they were prepared and that their business and our employees would endure such an event. Little was she aware how timely that article would prove to be. Just a year later, in 2006, Steve died suddenly and unexpectedly from cardiac arrest at age 49. Michelle had lost both her spouse and business partner in a few short minutes.

Michelle will share her story since 2006 and the critical lessons this experience has taught her as a business owner, partner, parent and spouse. What are the key steps to take prior to and at the time of the event, how to manage communication with employees and business clients, and finally the vital role of professional advisors throughout the ordeal.