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?

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.

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...

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.

An owner may need to release a family member from the business. Firing family is a tough decision needs to be communicated with tact and without ambiguity to preserve both the family and business relationship.

Owners with successors from different backgrounds can upset previous communication norms and challenge the operation. This is avoided with good alignment and preparation.

When an owner finds that perfect successor, then, the tendency is to jump for joy and declare his or her mission accomplished especially when that chosen successor comes from a similar background and shares the owner’s expertise. Owners should fight that tendency.

There will come a day when the owner has to decide whether to sell the company or keep it in the family. An exit must be handled with skill and empathy.