One ingredient for successful family business succession? A large portion of transparency

As a family business consultant, I have guided dozens of family businesses through the succession process.

It can be a difficult and sometimes emotionally painful process but, if done right, can satisfy the wishes of all parties, successfully prepare the business to meet future challenges, and most importantly, keep the family together. The “family” component of the family business is one I emphasize throughout the process. A successful family business succession should benefit both the business and the family.