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?

With each increasing stage of maturity, the leader's span of control expands. The inability of the leader to properly maintain control of the span of control either directly or indirectly, could lead the family business to fail.

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?

Younger members of the family could benefit from spending time in the business.

“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.

By the second or third generation or in high-performing businesses, the issue often isn’t a lack of successor candidates, but an abundance. If it isn’t handled with care, chaos could ensue. The selection should be handled with early and frequent communication.

In a business, bringing in an external successor could create its own set of challenges. However, external successors could provide a functional bridge for the business and should be treated as an opportunity to strengthen the company.