Family business continuity requires a transition from one generation to the next, ideally with a senior leader’s gradual transfer of control. In reality, however, what often happens is a 15 to 20 year battle for control with a lot of conflict followed by five years of regret and attempts to repair relationships, according to a white paper written by Steve McClure, principal at The Family Business Consulting Group.
The white paper, Critical Issues For Managing Succession In A Family Business, penned for The Network of Family Businesses, suggests that part of the solution to avoid a bumpy ride on the road to transition is education.
It also recommends assigning family roles properly and making sure there is funding for the transition as other pieces of the solution.
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