An article in Forbes describes some of the challenges associated with preparing the next generation for taking the reins of the family business. While difficulties arise within any company, family businesses can be particularly challenging due to the unique dynamic of work, family and relationships that get thrown into the mix. The article describes several family business challenges, including:
- Not all children will want to take over the family business one day
- Forcing an heir to take the reins can do more harm than good. A forced succession can have a negative impact on relationships and business performance
- Those with a family business background should only pursue if they are willing and able to do the job, and do it right
- Leaders must consider succession options and what the backlash may be from stakeholders
- Following in the parents’ footsteps is not automatically safe or convenient
- The burden of responsibility for the long-term prosperity of the business, and of the successor’s own aspirations, must be considered
Often times, families can become burdened by trying to manage family and business within the same confines. While each of the issues listed above can be potentially detrimental to the future of a family business, REGENERATION Partners has over 20 years’ experience dealing with every challenge imaginable that can arise within a family business. We have the answers to these challenges and we can help you overcome them by building a custom plan around your needs.
Don’t wait until the last minute to plan succession. True company leadership takes time to grow and develop. We can help you identify that talent and develop a roadmap towards a smooth transition and longevity for your business.