When it comes to succession planning and the family firm, however difficult the situation is, and for the exiting generation coming to the end of a career in the business that has often seemed like an 'additional member of the family' to them is not easy, there needs to be a good handover.
A good insight into some of the steps that can be taken and a look at why it can be tough to step down, and to actually step up too!
Passing control from one generation to the next is a critical moment for a family business. It can be a positive, but often businesses lose momentum. It can bring a family together, but all too often it drives a family apart. If you are planning to hand over, what should you expect? What do your successors need to know? And how can you ensure an outcome that is good for the family, as well as for the business?