How do you sell without hurting the family emotionally and vocationally? What steps will you take to protect relationships with family members as well as their livelihood?

For some successors and other family members, the relaxed atmosphere of working with family provides welcome space to be themselves. For others, it frustratingly turns work/life balance into a hopeless illusion.

Just imagine a smooth succession transition where the outgoing owner feels confident in the abilities of the successor to make the relevant change with the full support of key employees. Learn how.

Owners hold the hey to a business' legacy in their hands. The owner’s commitment to supporting innovation is important for the company’s transition into the next generation of leadership.

How much underperformance by a family member in the business is too much? When does “normal” transition pain become a symptom of a much deeper disease? Should it result in firing the family member? How can you know?

Outgoing owners must agree with their successors on a well-defined transition plan and timeline for their departure as part of the transition plan.

“Leave your home problems at home” is sound advice, but it ultimately points to an ideal few of us will ever achieve. With this in mind, every business owner must take intentional steps to practically keep home and office in their respective places.

Succession transitions are not jut about handing the keys over to a successor. Outgoing owners have a role to play in preparing the incoming successor for success in the role by providing the following four things...

Multiple qualified individuals primed to take over the company should be the source of great encouragement. It takes a balance of communication and planning to avoid jealousy or in-fighting.

In some cases, successors will reject your offer and the company altogether. In those scenarios, it’s crucial that owners understand the employee’s perspective and take appropriate corrective action if necessary.

The New Year is an opportunity to look at the past and reorient both ourselves and the business for the future by kicking off the continuity planning that will ensure your company and your legacy endure.

A successor may not always jump at the opportunity to carry on the legacy of the business. When a successor declines the offer to own or manage the business, understanding their motivations is key to finding a solution that benefits all parties and the business.