Succession planning in a family owned business

Gray, Andi
September 2008
Fairfield County Business Journal;9/1/2008, Vol. 47 Issue 35, p11
The article offers tips on succession planning in a family-owned business. Family-controlled businesses can overcome typical management challenges by focusing on strategies geared towards attainment of wealth, personal satisfaction and goodwill among family members. In order to practice leadership, establishing a decision-making structure is needed. Conversations must be professionalized by using first names, last names and titles, instead of using family terms.


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