The Diversity of Successions: Different Dreams and Challenges

SUCCESSION IS the ultimate test of a family business. Once the business has been transformed from an individual venture into a family enterprise, its continuity becomes a unifying concern. Inevitably, individual and company life cycles must diverge. Passing the company on, profitably and in good condition, to a new generation of leaders is a goal that drives the members of all three circles. This chapter addresses a fourth classic type of family business: those in which the ownership group, the family, and the company itself are within a few years of changing leaders.

Succession is not one thing but many. It is not a single event that occurs when an old leader retires and passes ...

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