Create a family business succession plan that works for you.
- Every business needs both a short- and long-term plan in place for unexpected and planned events.
- Ideally, succession planning should begin the day you take over a business.
- Those parents that are most successful at passing the torch are the ones that have created a culture in which transition is welcomed and encouraged.
When it comes to managing a successful family business, the head of the family is often reluctant to share control and involve other family members in the process. Perhaps it’s a matter of pride, control, or a combination of factors, but the scenario is common among modern day family business owners.
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