Advisor Helps Plan Successful Successions

In order to preserve more family-owned firms, Steven Rabago has launched a new division that helps multi-generational companies grapple with issues such as succession plans.

Rabago, the founder of National Corporate Finance, a Newport Beach investment banking firm, opened Next Generation Leaders, which helps family-owned concerns figure out how to keep the business in the family.

Succession planning is thorny, with most family-owned firms falling apart by the third generation.

So far, Rabago is finding that the biggest sell isn’t the $7,200 price tag of a daylong monthly workshop he conducts. Rather, it’s getting business owners to leave their company to attend the class.

“Everybody’s concerned about the time away,” Rabago said, adding that sometimes working on the business is more important than working in the business.

Daryl Strickland covers tourism and small and minority business issues for The Times. He can be reached at (714) 966-5670 and at daryl.strickland@latimes.com