Family business owners: Did you pick the right successor?
Abstract: It happens all the time — the owner of a family business picks his or her successor but, after a period of time, concludes that he or she is the wrong person for the job. This article offers some options to consider for those who are in such a situation. It looks at actions that can help if the successor is capable of eventually running the business effectively, and at actions that may be necessary if it’s determined that he or she needs to go. It also discusses improving the succession process itself.