Succession is a key topic around many family dining tables and for the older generation letting go can be tricky, but the older generation know that it is going to happen but struggle to determine the right way forward for them - do they bring in external management, sell the business, simply cease to trade or engage with the next generation, and more importantly for many, when is the right time to do so?
Your father started the company after returning from World War II. He worked hard and built a successful enterprise. You inherited the business 30 years ago and continued the tradition, growing it to where it is today. Now your son or daughter is actively involved in the company, and it is your dream that one day he or she will take over the operation just as you did. Enlarge Business history is filled with family-owned companies that had to adapt to economic and… more Image provided by Getty Images (Vesna Andjic) But what if market changes make it far from clear what your business will look like in the future? What if, despite the succession plan you drafted, you are still unsure whether the next generation is ready to lead?