A personal insight into succession planning and the processes involved is often a key trigger to other family business owners to start a discussion. Succession planning can be trickier with relatives in the mix and something that is continually put off to a later date.
Putting off something like succession can be deferring even greater challenges for any business and with relatives in the mix it can be even more so.
Globally, best advice is to start the conversations as early as possible and clear, open and honest conversations from all sides is key to working out a solution to what is often the elephant in the room.
For more than a half-century, Mr. Bartley’s Burger Cottage has been a Harvard Square institution. Six days a week, college students line up around the block for creations that include the People’s Republic of Cambridge, a hamburger topped with coleslaw and Russian dressing, and the Chris Christie, which is fortified with marinara sauce and mozzarella. General Manager Bill Bartley was born in 1960, the same year his father, Joe, started the Cambridge, Mass., restaurant. Although all four of his siblings have worked there at some point in their lives, Bill is the only one still there. “I was groomed to take over, like a veal calf,” he jokes.