The founding generation's willingness to relinquish control is the cause of many failed relationships and companies. The founder doesn't trust the next generation to take on the responsibilities of the business and the next generation doesn't sense empowerment to do so The future of the business is at risk due to the impasse with family harmony. A lack of a co-designed transition plan can cause havoc for a family business when a founder suddenly suffers a medical limitation that impairs their ability to function, or the next generation throws in the towel because they don't feel included in the future growth of the business The following strategies can help family businesses best manage the transition to the next generation, based on our research of more than 2,500 families.
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