A key component of generational succession is the ability of the parties involved to separate business issues from family relationships.
Understandably, this can be problematic and requires a significant amount of discipline by the participants.
Leadership in this discipline needs to be provided by the exiting generation.
Business tensions and differences in view about the direction of the business, and certain management decisions can bring significant pressure to bear on normal family relationships.
The roles of grandparents and parents need to be kept separate as much as possible from the roles of fellow Directors and Shareholders. While these aren’t business issues, they are significant issues in a generational succession. Ultimately, any breakdown in family relationships will have some impact on the business.
In ensuring the long-term success of your business, it’s critical to establish a well-designed succession plan. Coordination of the transition of your business to your successors can be an arduous process. However, with our years of experience we can address the complex issues of business continuation, taking the stress off your shoulders.
