Learning the ropes before taking the reins – A smooth transition requires the successor in a family business to know all areas
Abstract: Grooming a successor in any business setting can be difficult, but it can be especially tricky in a family business. To help make the transition as seamless as possible, a successor needs to know the family business from the bottom up. To achieve this, the transition plan should include a multidisciplined approach showing the responsibilities and pressures each employee handles. This involves such areas as sales, customer service, finance, human resources and marketing.