Five steps every family business should take for a successful succession

Transitioning a family business to the next generation can be (and often is) a bumpy road. Unlike publicly owned companies, successions in family businesses do not have the luxury of ignoring emotions in service of stockholders.

Family businesses — much like families — are complicated. That doesn’t mean a family business succession can’t be smooth. The most successful family business successions occur when the senior leader understands the need to start the process early, is willing to ask the difficult questions — and accept being uncomfortable until those questions are answered.