How to make sure your family business stays in good hands

Description

Abstract: Determining the right successor for a family business can be more complex than it first appears. When the time comes to transition ownership and management to a chosen successor, what if that successor isn’t ready or able to meet the challenges? This article points out that obtaining the advice of a trusted advisor or business consultant might be a first step to smoothing the transition. In addition, it offers guidance to help business owners maintain goodwill, fairness and clear thinking while working out succession problems.