In This Chapter
◆ How to transfer assets to the next generation
◆ Planning for the next leader while the current one is healthy
◆ The best successor isn’t necessarily the heir apparent
◆ Resistance to succession planning
The issue relating to family businesses that gets the most attention is that of succession. This is when the head of a family business steps down and hands over the leadership of the business, usually to one or more family members.
Every business, whether family-owned or not, turns over its leadership periodically. But in a family business, the choice of a new head of the firm brings potential family conflict and struggle. Indeed, an all-too-common situation for a family business is this: the head ...