Succession plans are not one size fits all. Entrepreneurship is always about personal freedom and personal choices, and every entrepreneur has a different mix of goals, values, skills and circumstances.
Are you the head of a family business as well as the head of your family, too? Given your roles, it may be counterintuitive for you when deciding the fate of your business to include your family in the decision but a family meeting is exactly what is called for if you want to create a successful business succession plan.
Whether a family meeting is an emotional conversation or a very business-like exchange will vary from family to family and business to business. A New York Times article titled “Is My Family Business Going to Be an Orphan?” provides some firsthand wisdom and a practical template to follow.
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Reference: The New York Times – You’re The Boss (April 25, 2012) “Is My Family Business Going to Be an Orphan?”