Shift power successfully

Guiding a business's transition to the next generation requires clear communication and lots of planning.

Most family business owners know legacy planning is important for the long-term success of their business — but that doesn't mean they take the necessary steps to ensure a smooth transition of power. What I see happen over and over are parents who invite their adult children into the business with the thought of grooming them to take over, but when the time comes, mom and dad won't give up control.

This occurs frequently, even when a succession plan is in place, for any number of reasons. In many cases, the parents: