Family dynamics shouldn’t influence successor choice




— Ken Preston, “It's not about control — or is it?,” Family Business Magazine, Summer 2005

There are unique interpersonal issues in family businesses that make for profound difficulties in succession, in terms of transitioning both management and financial control. All too often, businesses are handed over to children who either do not really want to run them or are not competent to do so. In either case, when owners of businesses make succession decisions driven by a need to perpetuate their legacy and retain control over their children, the results are often disastrous.

About the Author(s)

This is your 1st of 5 free articles this month.

Introductory offer: Unlimited digital access for $5/month
4
Articles Remaining
Already a subscriber? Please sign in here.

Related Articles

KEEP IT IN THE FAMILY

The Family Business newsletter. Weekly insight for family business leaders and owners to improve their family dynamics and their businesses.