While it may sometimes feel like succession is a topic that gets too much attention in the world of family business writings, it’s a hurdle that most businesses still fail to clear, and it’s sufficiently complex as to merit review.

Generational transitions in a family business are not a one-dimensional challenge. In fact, the process of succession affects the business, the family and the ownership. As has been frequently highlighted, the needs or priorities of each of these different spheres in the overall system are not always in alignment. For example, in a succession, the business wants the “best person” ...