Ensuring a smooth transition from one generation to the next is a process that needs to be carefully planned and meticulously executed in order to succeed.
Handling a succession involves a lot of moving parts and if not done correctly it can result in conflict, a loss of assets or revenue, and damaged relationships.
Few challenges demand more of a business owner than passing on the family business to the next generation.
With numerous family businesses approaching the retirement or death of their founders or CEOs with no plans for succession or inadequate plans that will fail to produce the desired results, the business is at the mercy of an uncertain world.
But when you add the layers surrounding a family business – vision, values, financial goals or succession, things can get really complicated.