7 steps to choosing a successor for your family business
Many family businesses don’t survive to a third generation. To give your company a fighting chance, carefully choose a successor. Don’t assume your son or daughter is the only candidate. Work with objective outsiders to identify potential successors. Let these individuals work in various capacities for your company, giving each a fair shot at rising through the ranks. When ready, pick your successor and clearly communicate your decision to everyone involved. Then embark on a transparent leadership transition in partnership with your successor. Contact us for help.