April 20, 2022 by Interchange Capital Partners
By Ahmie Baum
Running a family business takes a combination of vision, resilience, and sacrifice. As business consultants, we work with owners who have spent years—sometimes generations—building something meaningful. But at some point, every leader faces the same question: What happens when I step away?
Transitioning a business to the next generation is more than just a handoff—it’s a process that involves preparing leadership, addressing family dynamics, and making sure the business is positioned for long-term success.
At Interchange Capital Partners, we guide business owners through the tough questions that come with succession planning—helping them navigate leadership transitions, family dynamics, and financial considerations. Here are three key steps to start preparing your company for its next chapter.
Resolve Conflicts
One of the most common issues we find with family businesses is conflict between generations around vision, values, and expertise. Sometimes the younger generation may not recognize and acknowledge the previous generations' hard work and sacrifice that went into creating the business. The next generation may have new ideas about how to run the business or see different opportunities that may leave the older generation disagreeing or feeling threatened. Sometimes the previous generation makes this situation worse by assuming that they know everything and dismissing the next generation because they do not have the previous generation's experience and knowledge. Whatever the case may be, these conflicts and others must be recognized and resolved before transferring the business, if you want the company to thrive for years to come.
How do you resolve conflicts? First, recognize that they are inevitable and normal; all family businesses have them. Then open the lines of communication. A good place to start is for the previous generation to tell the story of the business. Talk about their history; the challenges, successes, and failures as they built the business. This allows for an appreciation of “how we got here”; it creates a common history. The next generation must articulate what their vision is as well as communicate what they see as the obstacles and opportunities. These conversations lead to a common vision for the future; allowing both generations to buy into the company’s future success. It’s important to celebrate generational differences; this reinforces your values both as a company and as a family.
Learn to Delegate
Along with resolving intergenerational issues, one of the best things you can do to help the next generation (and your business) succeed is to delegate. It’s easy to fall into the trap of doing everything yourself; after all, no one cares as much about the business as you do. But that is a drain on time and energy that will end up costing you in the long run.
If you don’t delegate, the next generation will struggle to lead. It’s important to allow the younger generation to take responsibility for certain tasks and processes so they can get used to what it takes to run the company. This also gives them a sense of ownership over their role.
Allow the next generation to handle problems with your oversight first, before withdrawing from the business completely. Not only will this make the younger generation feel like a valued and important part of the business, but it will also give you a chance to hone their skills and provide important feedback and give you the “peace of mind” that they can take the business to the next level.
Seek Professionals
When it comes to succession planning, don’t go it alone. Transferring ownership to the next generation involves many factors, and deciding how and when the transfer takes place requires input from several different parties.
Professionals such as CPAs, attorneys, and business consultants can and should be used to help your family navigate the process. Though professional input is important, it’s only as good as your ability to navigate the conversations effectively.
At Interchange Capital Partners, our role is to help you navigate these conversations. We sit in the middle of your network of professionals, acting as a bridge throughout the process, helping you get clarity, understanding, and action while coordinating and translating the financial and legal jargon that goes into building a strong succession plan.
Thinking About the Future of Your Business? Let’s Talk.
Passing a business to the next generation isn’t just about ownership—it’s about leadership, legacy, and long-term sustainability. The earlier you start planning, the more options you have.
At Interchange Capital Partners, we specialize in business consulting for family-owned enterprises—helping owners develop thoughtful, strategic succession plans.
If you’re starting to think about the future of your business, let’s have a conversation. Email us at team@interchangecp.com or call 412-307-4230 to schedule a time to talk.
About Ahmie
Ahmie E. Baum is the founder and executive chairman of the board of Interchange Capital Partners, a premier family business advisory firm committed to empowering family-owned businesses. With over 45 years of experience, Ahmie specializes in guiding families to safeguard and grow their wealth through our strategic Clarity Foundation™.
Passionate about helping multi-generational family businesses, Ahmie excels at navigating their unique challenges, allowing them to focus on what they do best. One of his greatest joys is getting to know the firm’s clients personally, listening to their stories, understanding their journeys, and identifying and solving for the challenges that keep them up at night.
Ahmie collaborates closely with clients to help design comprehensive plans that address their obstacles, seize opportunities, and leverage their strengths. As he manages each family's complex and unique situations, Ahmie takes on their challenges as his own, fully committed to helping them work toward achieving their goals. His mission is to guide clients through their uncertainties, enabling them to move beyond their fears and confidently pursue their dreams.
Ahmie began his career at EF Hutton in 1979, eventually rising to the position of Senior Vice President. In 1993, he transitioned to Paine Webber, later acquired by UBS, where he spent nearly 27 years. During this time, he earned an Executive Certificate in Financial Planning from Duquesne University and obtained his CFP® designation. He holds a Certificate in Family Business Advising (CFBA) from the Family Firm Institute. He has been actively involved with Strategic Coach, an internationally renowned entrepreneurial coaching program, for over 20 years. Additionally, he has earned certificates from The Growth Institute, specializing in business growth, scaling, and cash management.
When he’s not working, Ahmie enjoys spending time with his wife, Sara, their three children, and three grandchildren. He recognizes that health is wealth, so he has committed to daily yoga, meditation, and plant-based eating. His other hobbies include woodturning, golf, reading, listening to music, and biking. He is active in his community, has served as the Foundation Chair of the Jewish Federation Community Foundation of Greater Pittsburgh, and supports various philanthropic endeavors. To learn more about Ahmie, connect with him on LinkedIn.
Interchange Capital Partners, LLC, (“INTERCHANGE CAPITAL PARTNERS”) is a registered investment adviser with the Securities and Exchange Commission providing investment advisory and financial planning services. Any reference to the terms “registered investment adviser” or “registered” does not imply that INTERCHANGE CAPITAL PARTNERS or any person associated with INTERCHANGE CAPITAL PARTNERS has achieved a certain level of skill or training. A copy of INTERCHANGE CAPITAL PARTNERS’s current written disclosure (ADV 2A Firm Brochure) discussing our advisory services and fees is available for your review upon request. INTERCHANGE CAPITAL PARTNERS, in addition to providing investment advisory and financial planning services, provides business consulting services. In connection with its business consulting services, INTERCHANGE CAPITAL PARTNERS does not provide tax or legal advice.
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