How To Begin Planning For The Succession Of Your Family Business
Being part of a family business can be both rewarding and challenging. One of the biggest challenges can be succession planning – figuring out how to hand over the business to the next generation. This can be a delicate process, but there are some steps you can take to make it a little easier.
Succession planning is a critical part of ensuring that your family business thrives long after you're gone. But it's not something that can be done overnight. It takes time, thought, and careful planning to ensure that your business is passed on to the right person or persons.
Here are a few things to consider as you begin succession planning for your family business:
Who will take over the business? This is probably the most important question to answer when succession planning. You ...
