Selecting a successor is often a decision by default. Most family businesses will have one member of the next generation who is more active, qualified, and interested in the business than his or her ... |
Conflict between the founder of a family business and his or her successor is a matter of degree. It's normal for some intergenerational conflict to exist. |
Different agendas which can so often gum up the works of a succession plan can be avoided by communicating expectations in advance. |
Retirement goals must be defined by the first generation (that of the business's founder) and communicated to the successor, so that conflicts may be ironed out in advance and misunderstandings don't ... |
Personal and career goals need to be outlined by the successor generation. Will the successor be given the opportunity, the capital, the authority as well as the responsibility necessary to achieve ... |
Training, on the job and otherwise, is the critical ingredient that can put success into a family business succession plan. It can take many forms. |
Transition of the control of a family business can take place over a period of months or even years, depending on the needs and wishes of the family members and the business itself. |
