Preparing for the Transition to the Next Generation
The next wave of transitions is about to start: what wineries should know about creating succession plans
The business of making and selling wine is a complicated enterprise in and of itself. Each year’s product, and its potential success, is at the mercy of an unpredictable climate, volatile market conditions and the shifting tastes of consumers. Success also depends on sound planning, financial accounting, creativity and vision. Given the day-to-day demands of the wine business, deciding the future of a family-owned winery and how it will be passed on to the next generation can be a daunting prospect. Succession planning is time-consuming and expensive. More intimidating, perhaps, is the prospect of delving into delicate and messy family issues that involve sibling rivalries, birth order, equality and inheritance. The combination of m...
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