Managing your legacy
Succession and integrating the next generation are among the toughest and most critical challenges facing a family business. Even the most well-intentioned, talented business owners can fail at succession if the family, ownership, and business systems have not been sufficiently prepared for the transition.
Too often, family business leaders adopt the approach of doing nothing and hoping the problem will solve itself. Rarely will this happen. Every decision, including no decision, has a consequence.
Family business succession comprises two processes: the management succession and the ownership succession. Through family communications, management processes, leadership succession strategies, and dispute resolution procedures, family businesses can arrive at integrated family members, assessed options, informed decision-making, and increased comfort levels.
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