What Works in Family Business Succession

Succession in a family business isn’t just about passing the torch. It’s about building the right foundation to support the next generation and protect the legacy for years to come. In this episode, Dr. Jeremy Lurey, Founder and CEO of Family Legacy 1st, returns to the show to share what actually works when it comes to family business transitions.As the founder of Family Legacy 1st, Jeremy has spent over two decades helping multigenerational businesses put strong governance in place, develop leadership teams, and plan for succession. He and Julie discuss real-world cases, including international families preparing third-generation members to become thoughtful shareholders, and Midwest businesses navigating fairness between siblings and non-family executives.Jeremy explains why professionalizing a family business can help protect both relationships and results. He shares how families are using charters, annual meetings, and defined leadership roles to create clarity. He also highlights the value of non-family leadership and how tools like insurance and non-equity compensation can bring stability during transition.They also explore current trends in family business exits, from shifting valuations to ownership challenges. Jeremy stresses the emotional side of succession and the importance of patient, honest conversations throughout the process.This is a valuable listen for anyone working in or with family-run businesses!Find Jeremy hereLearn more about Family Legacy 1st hereConnect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor