Family business planning – Handing the torch to the next generation
Abstract: Every family business must transition control to the next generation someday. But will the next leader be another family member — or is there a better choice outside the family circle? Successful succession plans don’t happen overnight. They take years (or even decades) of preparation, mentoring and training. This article addresses such issues as determining a successor, dividing up control and assets, and assembling an advisory team.