Passing on family business a daunting and challenging task

May 23, 2012

Succession planning is a critical and sensitive topic for any organization. This is especially true when discussing family businesses. It is often thought of as something that evolves naturally; however, the most successful transitions are the result of a deliberate and thorough succession plan. When a family-owned business mismanages succession planning, outcome is far-reaching. It not only affects the business but also has consequences for the deeply rooted family relationships.

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