Family Business Succession

Few challenges demand more of a business owner than passing on the family business to the next generation. Family members' lifelong hopes, dreams, ambitions, relationships, even personal struggles with mortality--all figure into managing succession. This second edition of a 1992 classic reflects many more years' worth of knowledge gained in the study of family business. This edition identifies succession management problems and solutions for any family business CEO, whether the business is in its first or second or third generation, or beyond. This edition focuses not only on succession planning but more so on managing succession. Good succession management is like good strategic planning. Once the planning is completed, the real challenge and greatest value comes from keeping it current and implementing it. Family Business The Final Test of Greatness, 2nd edition helps break the complex succession planning and management process into understandable pieces. In its pages you'll the different types of leadership transitions; how to overcome resistance to transferring power, as well as ideals for new roles, new careers and other post-retirement activities; five pieces for good management of the succession process; to prepare your business for succession; to prepare your family for a successful transition; develop effective successors; the process of choosing a successor; how to implement succession; how to avoid common post-succession mistakes and problems; and much more... Family Business Succession shows how to turn succession from a potentially explosive crisis into a renewed commitment to the business and the family. It is fast reading, filled with real-life cases, practical tips and 15 useful exhibits.