Leave your business, not a dispute

Transitioning power in any business can be a challenging process, but when succession planning involves your children, it can become even more complicated. The stakes are indeed high when you're looking to pass on the family business — largely due to the fact that your decisions don't only impact your family — they impact the families of your employees as well.

Navigating these waters can be complex, but by doing your due diligence up front, you can save a lot of headaches and create a great deal of security for those around you. There are several critical steps you can take to ensure that the transition of ownership to your children in a family business is as smooth as possible. Take some time to consider the following suggestions.

Have the courage to understand that the power lies with you to make decisions of whom receives what inheritance.
I regularly say to my family business clients: “Run like a business, feel like a family.” Too often I have seen strong family business leaders falter when it comes to being objective with their children and treating them as they would any other employee. Family decisions are usually made on the premise that the result ends up in everyone's collective best interests. It should be no different when deciding the future of your company. The primary difference is that your decisions have the potential to impact many people beyond your family.