Building a Thriving Business & Family: Insights from HORAN’s Strategy Forum on Succession, Continuity, and Legacy
Private Wealth Strategy Forum: Building a Thriving Business & Family
At some point, every business owner faces the same hard question: What will happen to my business—and my family—when I step back?
At our recent Private Wealth Strategy Forum: Building a Thriving Business & Family—part of HORAN’s Educational Event for Affluent Families, Investors, and Business Owners—we brought together expert voices to explore these questions from every angle.
Moderated by Carol Butler, President of the Goering Center for Family and Private Business, the session featured insights from Gregory Hoernschemeyer and Michael Hermes of HORAN Wealth.
The conversation focused on what matters most to strategic business owners: Protecting the business, preparing for succession, retaining key executives, and preserving family harmony. This blog highlights four short video clips, each offering practical, experience-based guidance for those planning the future of both their enterprise and their legacy.
The Silent Risk: Why Family Businesses Don’t Survive
“The biggest risk isn’t the market or your product, it’s the conversations that aren’t happening.”
— Carol Butler, Goering Center for Family and Private Business
Carol opened the forum with a clear warning: Too many family businesses fail not because of market conditions, but because of avoidance—avoiding succession conversations, avoiding hard decisions, and avoiding timelines.
She emphasized that succession is not a handoff; it’s a process. And when owners avoid it, they often leave the next generation guessing, creating uncertainty and tension that affects both the business and the family.
Key Takeaways:
Less than a third of family businesses survive into the second generation, often due to delayed planning, not market failure.
Founders frequently avoid difficult conversations around succession, creating confusion and conflict later.
Succession is not a one-time decision; it’s a structured, multi-year process that benefits from early involvement of family and advisors.
Many transitions fail not from lack of leadership, but from lack of clarity and shared expectations among family members.
A proactive strategy protects not only the business but also relationships, roles, and family unity.
“Unattended Things Happen”: Why Succession Planning Must Be Intentional
“You can lay everything out on paper and it makes sense—but there might be a sibling who feels shorted. How do you handle that? It takes a team to get it right.” — Greg Hoernschemeyer, HORAN Wealth
Greg shared a story of a client that put off a succession plan, which resulted in severe negative consequences for both their business and their family.
He then explains that for a succession plan to succeed, you must take a holistic approach, bringing in experts like your lawyer and CPA. But also family members and even resources experienced in handling the emotional aspects inherent in these situations.
Key Takeaways:
Unplanned transitions can lead to costly and divisive legal battles, especially when family dynamics are ignored.
All key voices—inside and outside the family—should be included in succession conversations, even if not all are actively involved in the business.
The right team of professional advisors is essential, including an attorney, CPA, financial planner, banker, investment advisor, and business coach.
Succession planning isn’t just technical—it’s emotional. Even well-documented plans can fail without addressing emotional tensions or expectations.
Outside programs and facilitators—like those from the Goering Center—can help families navigate these challenges productively and with fewer surprises.
What’s Your Business Really Worth—And What Do You Need to Retire?
“Valuation and retirement readiness are not the same thing—and the gap can surprise you.”
— Michael Hermes, HORAN Wealth
Michael spotlighted a common gap: Many owners know what they think their business is worth, but haven’t calculated what they’ll need to retire comfortably. Between taxes, market conditions, and timing, there’s often a big delta.
He encourages owners to evaluate both numbers early, so there’s time to close the gap strategically, not emotionally.
Key Takeaways:
Many business owners overestimate the after-tax proceeds they’ll receive from selling or transitioning their business.
Market timing, transaction structure, and reinvestment risk can all affect retirement outcomes.
Financial independence should be based on real income needs, not assumed business value.
Planning early allows owners to identify and close gaps between valuation and retirement readiness.
These conversations help shift focus from short-term operations to long-term planning and lifestyle considerations.
What’s Next for You? The Emotional Side of Stepping Back
“The question every founder has to answer isn’t just 'what will happen to the business'—it’s 'what will happen to me?’”
— Carol Butler, Goering Center for Family and Private Business
This clip pulls together Carol, Greg, and Michael in one of the most personal parts of the discussion. They speak to the emotional weight of stepping back—not just legally or financially, but in terms of identity, role, and purpose.
From founder identity to family expectations, the panel encouraged owners to think about their personal “what’s next,” and to approach it with the same strategy and intentionality they brought to the business.
Key Takeaways:
Letting go of the business is as much an emotional journey as it is a financial or legal process.
Founders often tie their identity to the business, creating uncertainty about their purpose post-transition.
Successful transitions include a plan for the owner’s next chapter, not just the successor’s.
Involving the family in these conversations early helps set expectations and reduce future tension.
HORAN Wealth helps facilitate both the financial and human sides of these decisions, with planning that supports clarity and confidence.
Ready to Talk About Your Business Transition?
At Private Wealth at HORAN Wealth, we help business owners bring structure, clarity, and foresight to their next chapter, ensuring their business, personal wealth, and family remain aligned through every stage of transition.
This blog includes just a few highlights from our Private Wealth Strategy Forum: Building a Thriving Business & Family. If you’d like to view the full session recording, contact your HORAN advisor or email us at PrivateWealth@horanwealth.com.
📅 Join Us on November 12th
Our next educational event continues the conversation on legacy, unity, and generational wealth.
Beyond the Balance Sheet: Building Family Trust, Purpose & Prosperity
🗓️ November 12 | Hyde Park Country Club
Featuring nationally recognized speaker Tom Rogerson on the 7 Steps to Healthy Family Governance
To request your invitation, email PrivateWealth@horanwealth.com
Meet the Speakers
Carol Butler
President – Goering Center for Family and Private Business
Carol leads the nation’s largest university-based family business center. A former Fortune 500 executive, she helps business owners and their families strengthen legacy, leadership, and continuity.
🔗 Goering Center
Gregory L. Hoernschemeyer, CLU®
Vice President, Sr. Registered Representative – HORAN Wealth
Greg advises business owners and families on insurance strategy, legacy protection, and wealth transfer planning. He brings a partnership mindset to every client relationship.
📧 GregH@HoranWealth.com | 📞 513.587.2714
Michael L. Hermes, CFA®, CFP®, CEPA®, NSSA®
Vice President, Wealth Advisor – HORAN Wealth
Michael delivers integrated financial planning with deep expertise in succession, retirement, and investment strategies for business owners.
📧 MichaelH@HoranWealth.com | 📞 513.745.2165
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