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.

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.

The Foundation conversation in a family owned business occurs between the owner and potential successor and gauges whether their desires are aligned to start the succession journey.

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.

In a succession transition, performance management conversations are key to ensuring that the successor has the support and guidance needed to effectively lead the business. Follow these 3 tips.

Nothing hurts a transition more than an owner and a successor who aren’t on the same page—particularly when the latter isn’t sure they even want the job.

As an owner, how you communicate your successor decision will set the stage for your transition and could make all the difference between failure and success.

If you’re heading into a transition, don’t assume your successor is on the same page as you are. Instead, sit down and have an honest conversation.

Businesses that fail in transition do so because of poor communication and insufficient preparation. But, there is one ingredient without which no succession plan will ever get off the ground: execution. Ask us how to execute a smooth succession transition.