Succession planning is a critical and sensitive topic for any organization. This is especially true when discussing family businesses. It is often thought of as something that evolves naturally; however, the most successful transitions are the result of a deliberate and thorough succession plan. When a family-owned business mismanages succession planning, outcome is far-reaching. It not only affects the business but also has consequences for the deeply rooted family relationships.
So how can a family business better prepare for succession of its key leaders? Here are four steps to help any family-owned business more effectively handle some of the challenges of succession planning.