Do you run a family business that’s been passed down through generations? Then you know—it’s never just about profits. It’s about honoring your family’s legacy, protecting your values, and supporting the people who matter most.
But when it comes to family business succession planning, things can quickly get complicated. Thinking about the future often means having hard conversations and making decisions that impact both the business and your relationships.
Questions like:
-
How do you step back without letting the business fall apart?
-
How do you plan ahead without causing friction in the family?
-
What can you do to keep the business strong for the long haul?
These are the questions Curtis Joseph had to answer. As the fourth-generation owner of his family’s 100-year-old car dealership, Curtis grew up in the business. He also had to figure out how to keep it running, how to pass it on—or how to walk away. His story is one many business owners will relate to.
The Emotional and Operational Complexities of Family Businesses Succession Planning
“It was more than a business – it was part of our family culture.” – Curtis Joseph.
For over a century, a family-owned Dodge dealership in St. Louis thrived as a multi-generational business, deeply rooted in tradition and legacy. Founded by one of the 13 original charter members selling Dodge franchises, the dealership grew under the leadership of successive generations, becoming the oldest continuously operating Dodge dealer in the world until its sale. Like many family businesses, it was both a source of pride and challenge, bringing together siblings, parents, and grandchildren in a shared entrepreneurial journey.
Curtis Joseph, who grew up working in the dealership from a young age, initially pursued a career in finance but felt a strong calling to return to the family business. His journey highlights the complexities of family-run enterprises—balancing tradition with innovation, navigating intergenerational dynamics, and embracing both the rewards and difficulties of working with loved ones. Ultimately, the dealership’s legacy is not just about selling cars, but about the enduring bonds and values passed down through generations.
Many family business owners don’t just run a company – they are entrusted with the hopes and dreams of those who matter to them the most.
What Curtis’ Story Teaches Us
Curtis didn’t plan to take over the family business at first. He went into finance, built a career, and thought he’d stay there. But like many business owners’ kids, he felt the pull of family and tradition.
Once he stepped in, the challenges came fast: Who’s really in charge? What’s the plan for the future? How do you make sure the business survives without tearing your family apart?
Eventually, Curtis sold the dealership—but not without learning a lot along the way.
The Most Common Struggles in Family Businesses
We see a lot of the same challenges pop up again and again when we talk to family business owners:
1. Family and business get tangled
It’s hard to separate personal feelings from business decisions when your coworkers are your siblings, parents, or kids.
2. No real plan for the future
It’s easy to say, “We’ll figure it out later.” But that can leave the next generation without direction—or even without a business to run.
3. Unclear roles and decisions
If no one’s sure who’s making the calls, progress slows down. People argue. Plans fall apart. And the business suffers.
Family Business Succession Planning: What Happens Without it?
Curtis’ story isn’t unusual. We’ve worked with business owners across the country who assumed things would just fall into place—but they didn’t.
Here are a few issues we’ve seen up close:
-
Family members working without clear pay or agreements.
-
Successors not having the financial tools or knowledge to take over.
-
No one ready (or willing) to lead when it’s time to step down.
Without a plan, 60% of businesses shut down within a year of the founder stepping away. That’s a painful reality we want to help families avoid.
Life After the Business
After Curtis sold the dealership, the next challenge hit: Who am I now? What do I do next?
Many business owners don’t think about what comes after. Or if they do, they don’t know how to prepare for it. That’s where good financial planning—and good support—makes a big difference.
Watch Curtis’ Two-Part Video Series
Watch Part 1: The Legacy Begins
Growing up in the business, stepping into leadership, and facing early challenges.
Part 2: What Comes Next
The decision to sell, the questions that came with it, and what Curtis would do differently now.
So What Can You Do?
You don’t need a perfect plan, just a solid one. And you don’t need to do it alone.
At Fusion, we work with family businesses to help them:
-
Create a clear, fair plan for handing off leadership
-
Set up simple systems so decisions don’t stall
-
Make sure the numbers work—from taxes to long-term savings
-
Help you and your family talk through the hard stuff
Let’s Talk About Your Family’s Future
Every family business is different—but the pressure to “get it right” is something they all share.
If you’re trying to figure out your next move, or just want to make sure you’re on the right path, we’re here to help.
_______________________________________________________
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. We base articles on current or proposed tax rules at the time of writing and do not update older posts for tax rule changes. We expressly disclaim all liability regarding actions taken or not taken based on the contents of this blog. The same applies to the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.