We believe in a Multidisciplinary approach with our Family-Owned Businesses clients. We work hand and hand with your accountants, lawyers, wealth advisor, etc. to create the best succession plan for you and your family.

Family dynamics play a huge role in the success of a family business. It is said that ‘a strong family’ can build a very successful business, but a strong business cannot build a successful family.

It is said the secret to success in real estate is

“Location, Location, Location.”

The secret to success in succession planning is

“Communication, Communication, Communication.”

The Succession Planning Team at Adams Wealth Advisory Inc. has the knowledge, expertise and experience that are needed to help guide our clients through the succession planning process.

We are unique in that we provide a “whole systems” approach to planning.  We have been educated to not only look at the business and ownership, but to also take into account the family and all of its dynamics. Family dynamics must be dealt with when planning for a successful transition of the business to the next generation.

Statistics show that 70% of family businesses fail transition to the next generation.  Of the businesses that fail, 60% are due to a breakdown of communication and trust within the family and 25% are due to heirs unprepared for required roles and accountability.  All other reasons only make up 15% of the failures.

Several years ago we recognized that a “new approach” was needed.  There is an abundance of expertise on the technical end of succession planning including tax planning, trusts, wills, and shareholder agreements – yet 70% fail.

We have educated ourselves in why the 30% of family businesses have succeeded in the second generation and 12% in the third.  To that end, we have completed courses given by CAFÉ (Canadian Association of Family Enterprises) and the Sauder School of Business, Business Families Centre, University of BC.  In fact, one of our team members, Kelly Adams, has the distinction of being the first graduate in Atlantic Canada from the Sauder School of Business for the Family Enterprise Advisor Program. In the spring of 2013 Kelly received his FEA designation from the Sauder School of Business for the Institute of Family Enterprise Advisors Program.

Through our unique succession planning process, we share with our clients and their other trusted advisors the models and processes used to help clients succeed in their transition of the family business to the next generation and beyond.  We are big believers in “success leaves clues.”

We work with you, your family members and other trusted advisors to produce an actionable succession plan.