Succession planning for family business

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Perceptions of nepotism in succession family businesses is gaining buy-in to the business and their next generation leaders, family firms.

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Family Business Succession Plans: 5 Things You Need to Know
Succession is a process, not an event It starts with identifying a common purpose and goal, understanding each other's values � and only then structuring a. 1. Succession is a process not an event � 2. Present the business as an option not an obligation � 3. Get outside experience � 4. Hire into an existing job � 5. A succession plan can reduce the stress and pressure of heirs taking over a family business unexpectedly in a time of crisis. And if life does.