Episode 11: Dana Holmes – Tips for Planning and Funding a Successful Family Business Transition

SUBSCRIBE Podcast_Social Media Post.jpg

On this episode of Family Business Today, Greg Lewis interviews Dana Holmes of 2nd Generation Capital to discuss planning and funding an exit that includes an eventual passing of the family business to your children.  

2nd Generation Capital was originally formed in 1994 to meet family shareholder needs for liquidity, growth financing and ownership transition services. The company services have evolved to provide value for clients at every stage of a company’s lifestyle. Dana Holmes, Managing Member, joined 2nd Generation in 2006. 

Dana emphasizes that it is never too early to discuss planning a transition and the biggest hurdle to overcome is poor communication.  He discusses the need to determine the fair market value of the business to avoid unrealistic expectations by both the founding members and the next generation.  He also points out options available, risks involved, 3 crucial reasons to have a buy-sell agreement, and the needs for open discussion, research and careful thought processes.   

To learn more about 2nd Generation Capital, visit their website at: 

www.2ndgeneration.com 

As a special gift for joining us for today’s edition of Family Business Today, we would like to send you a FREE COPY of 80 Questions Every Family Business Owner Should Answer.  This assessment tool will help you to: 

  • Identify your business and family strengths and weaknesses 

  • Establish your priorities 

  • Work ON your business rather than IN your business 

Send us an email today to info@tncfb.com and simply say “80 Questions” 

 

Family Business Today is hosted by Greg Lewis.  Family Business Today is produced by the Tennessee Center for Family Business.  To learn more about the Tennessee Center for Family Business, visit our website at: 

www.tncfb.com