Scott Beach, chair of Day Pitney's Family Office Practice, was quoted in an article entitled "Less Than 20% of Family Offices Have Robust Succession Plans," published by Private Asset Management. The article reports on findings from a PwC survey of U.S.-based families indicating that only a small percentage of family businesses have a "robust succession plan" in place.
"Families absolutely take it seriously knowing the need for a robust succession plan, but realizing the need and putting together a well thought out and detailed plan is a different story," Beach told Private Asset Management. "There is clearly an emotional aspect in facing the inevitability of departing from the business, especially if it is the patriarch and wealth creator who built the business. They often have difficulty with no longer being in control and coming to that reality," he added.
The article also notes the challenges that families face when identifying leaders in subsequent generations. "Sitting down with the family and discussing with them a plan for the succession of the family business and the operations of the family office are very difficult decisions and for many families there is a reluctance to face the realities of that contingency planning," said Beach. "Once those plans are in place and devised another challenge we see for our clients is communicating those intentions and plans to the next generation. Communication to the family and non-family executives is so important before the events triggering the succession plan become reality."
On April 10, Day Pitney Family Office practice chair R. Scott Beach was a panelist Botoff Consulting's Family Governance Compensation Report webcast alongside Dennis Jaffe (BanyanGlobal Family Business Advisors) and Trish Botoff.
Day Pitney Press Release
Day Pitney Trusts and Estates Partner James A. Ballerano was featured in a Daily Business Review Q&A about his most significant career accomplishments.
Day Pitney Press Release
Day Pitney Press Release
Day Pitney is proud to announce that three of the firm's South Florida-based partners have been recognized for the Florida Legal Awards from the Daily Business Review.
The news of Day Pitney Miami Trusts and Estates Partner Melissa Rodriguez joining the firm was featured in Law360 Pulse's article, "Private Client Atty From Akerman Joins Day Pitney in Miami."
The arrival of Day Pitney Trusts and Estates Partner Melissa Rodriguez to the firm’s Miami office was featured in Attorney at Law Magazine article, “Day Pitney Continues to Grow Private Client Department.”
The news of Melissa Rodriguez joining Day Pitney as a partner in the firm's Trusts and Estates practice was featured in Thomson Reuters' The Daily Docket Industry Moves column.
Day Pitney's Family Office and Trusts and Estates practices have been shortlisted in the "Best Law Firm – Estates and Trusts" category for the 2024 Private Asset Management (PAM) Awards.
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