Tania Gitch, a Shareholder at Geffen Mesher and the Chair of the firm’s Tax Department, recently participated in the Portland Business Journal’s Thought Leader Forum on multi-generational businesses and succession planning.

“It’s always great to connect with professionals whose roles overlap with your own,” said Gitch, who has cultivated an esteemed estate planning practice over the course of her career. “Because the three of us each view succession planning from a unique vantage point, there was a lot of information to share.”

Gitch was joined by Linette Dobbins, CCO and president at McGee Wealth Management, Inc., and Joshua Husbands, partner at Holland & Knight. Erica Heartquist moderated the forum.

In terms of best practices for succession planning, the group ultimately homed in on three key topics: planning far in advance, expecting the unexpected, and identifying the family’s values and economic goals.

“Families that have been successful in generational transition have been so because they instilled in their children a sense of stewardship rather than one of ownership,” noted Gitch, who spoke at length about how family dynamics can make or break a multi-generational business. “Each of the four children may be owners, but who is going to be the steward?”

A full transcript of the thought leader forum may be viewed and downloaded here. If you have any questions about succession planning or multi-generational business, our team of experts is eager and prepared to help.