A good insight into the challenges associated with succession planning and reiteration of the need to have conversations as soon as is practically possible.
Some of these conversations may well be difficult and awkward to have, remembering that they may involve you having detailed discussions with parents or siblings, but ultimately if you don't have the conversation, there is a big risk that the conversation is never had, a significant event takes place (death for example) and then you have to have the conversations anyway! At this moment in time they will be even more difficult to have than normal with the air charged with emotion and grief.
Take a read about some of the challenges, how to deal with them and remember that however tricky the conversation is, ultimately somebody else WILL BE at the helm, and it better for all concerned to start the conversation and planning as soon as you can.
Succession planning is an issue no family business can afford to ignore, and a willingness to look beyond the family circle may yield the best solution. Laden with sensitivities for all firms, regardless of whether owners and other staff are related, succession planning can be a particularly uncomfortable prospect for the family-run business. And these potential difficulties lead too many to put the issue off until it is too late.