Once a basic plan is set, meetings with all of the family members are needed to plan/discuss the steps needed to ensure a successful transition and agree upon a timetable.
n our third and final installment on labor, employment and benefits law issues unique to family businesses we discuss the importance of succession planning.
A great obstacle for family businesses is passing the torch successfully from one generation to the next.
ENSURE THE NEXT GENERATION IS ADEQUATELY TRAINED TO LEAD Most family businesses put off succession planning because it can lead to family drama.
If one family member is chosen to be the next CEO, this means others were rejected.