Weekend Reading: Family Business Transitions – Rising to the Challenge

Family business transitions are often difficult, but there are steps families can take to help increase the chances of success

 

Only 12% of family businesses survive to the third generation. Developing a plan and process to prepare the next generation of leadership can improve the odds of a successful transition. Learn specific steps you can take to overcome two of the most common roadblocks: the next generation is not interested or prepared to lead the business and leadership has not thoughtfully planned or prepared for leadership transition.

Here are some things you can do to increase the future success of your family business:

  • Cultivate pride of ownership; tell both the family and business stories
  • Expose the rising generation to what the family business does and how it works
  • Define roles within the family business and educate family members are their roles
  • Determine and communicate family employment parameters
  • Educate on financial and business fundamentals

 

More about family business transitions, roadblocks and how to over come them

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