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When developing a model coronavirus response plan, there are three areas family businesses and family offices should consider. In addition, it is important to have an FAQ communication for employees. A sample FAQ is provided, keeping in mind that each employer will have different answers to the questions asked based on its unique considerations and needs.

Families often find it challenging to talk about long-term plans and wishes of their aging parents. But it’s never a good idea to wait until there’s a crisis to rally family members together on a plan that will address mom or dad’s needs and wishes regarding healthcare, living arrangements, and long-term financial care. Knowing how to get the conversation started and having helpful resources available can make the process an easier transition.

Successful owners who choose to sell their business have many things to think about before beginning the process. Owners who are new to the process should consider not only the financial ramifications of selling their business but also how it can affect their life after the sale has finished. To make the selling of a profitable business much smoother, there are five things to consider. First, it begins with the question: What financial means do I need to support my current lifestyle?

Traditionally, wealth advisors use a succession planning framework that involves working with the founders to look downstream to the next generation for an effective “passing of the baton” strategy. In contrast, a multi-generational approach encourages each person within the family system to contemplate and share with others where they’ve come from, what they’ve come with, what they wish to pass on, and what they wish to leave behind.

Succession is not just about money or property. It means confronting family relationships and taking the time to make sure that the drivers for succession planning connect personal motivations, the purpose of wealth, and specific family issues. It requires an emotional commitment to a process that once started must run its course, including having conversations about fairness, equity, choices about who is in “the family,” and their capabilities for current and future roles.

A high-quality board of directors with a range of talents and experience can be a powerful resource for your company. Taking steps to ensure your board is well-designed, well-informed, and properly engaged will reap significant benefits for your company’s shareholders and management team.