Negotiating succession partnerships.
To
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nsure smooth decision making and sound governance, family business owners in the second generation and beyond must function as a team, notes the newly released updated
e
dition of
The Family Business Succession Handbook.
This is obviously true when a group of siblings or cousins serve jointly as co-leaders of the company. But, the book notes, a shared vision is also important when there is one chief
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xecutive whose siblings and/or cousins are owners of the company — whether or not any of them work in the business. Some siblings never let go of their childhood competitiveness. These rivalries can persist into later generations, reappearing as a conflict between family branches. Beginning in the third generation, the governance system must
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volve to reflect the change in assumptions that go along with an
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nlarged group of stakeholders.
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