When family business succession planning goes awry, fix it — fast

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Abstract: What if children or other family members are interested in taking over but they aren’t ready to run the business? A sound succession plan is a must in this situation, but even the best-laid plans can go awry. The good news is that there are steps one can take to right the succession ship. It’s important to involve all levels of the organization, and to take steps to maintain interim leadership if the preferred new leader isn’t yet ready. Professional advisors may also have the experience and skills necessary to shed an objective light on the situation.