Ways to Move Along Your Family Business to Generation Next

HAVING FLASHBACKS about your son, daughter or other family members that are impairing your ability to move forward with a succession plan?

"Junior" may be 40 years old but "Senior" remembers the dopey thing he did at age 14; he’s been working in the family business for years with little passion for taking it over. Meanwhile, "Junior’s" sister is holding down a responsible financial analyst position in a Fortune 500 company and wants to own a business — but not the one her dad and uncle started 50 years ago.

In a way, business succession decisions and family ties should be unrelated in order to increase the chances of a successful leadership transition. Thriving businesses have many resources available to deal with family issues. The key is getting the owner (or owners) to address these business issues early enough for meaningful action. Then there must be a dispassionate assessment of talent, whether from inside or outside the family.

Read more in the April/May 2013 issue of Upsize Minnesota

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