What steps are critical to consider when creating a succession plan for a family-owned business?
"First and foremost, as owners, I feel we have an obligation to move the businesses to the next generation of leaders. That could mean our kids. That could mean somebody within the family, or it could be an executive team that’s capable of carrying the business forward. It’s important to understand the best practices in the process. They’re well known and can be easily researched. Besides following best practices, getting professional help with the process is a must have. We used The Family Business Consulting Group 20 years ago when I bought the business. We’re currently working with the same ...
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