You’ve invested considerable energy, time and money over the years to build a strong family business. As you plan for the future, you realize the day will come when you’ll have to hand it over to the next generation and make a graceful exit. As you plan your succession, there are three aspects of this transition that you will want to consider: financial, health and lifestyle. Most entrepreneurs take great care to address the financial issues of tax planning and wealth management with their accountants and lawyers. They also consult their doctors about maintaining a healthy lifestyle.
You’ve assessed the skills of your sons and daughters and identified the best candidate to lead your family business to continued growth and prosperity. It’s a major challenge resolved, but a bigger one lies ahead: preparing your new leader to successfully take over your role and responsibilities.
She has your common sense and drive for achieving results, and her mother’s sound judgment about people. But is she the right candidate to lead your business to future prosperity? He has worked with you for years, sticking with you through tough times and contributing to your successes. But does he have the right experience to take over the reins?