Overcoming challenges in succession planning
Dr. John Fast, President of Family Enterprise Solutions, shares tips and strategies to help you create an effective succession plan for your operation.
- Succession planning is a complex process that can cause stress and confusion because it combines business and emotion.
- The fear of conflict can stall the succession planning process.
- Options for conflict resolution diminish the longer you let a conflict linger.
- 80% of family business failures are due to family dynamic problems that have been ignored.
- A lack of appreciation is the biggest cause of conflict in family businesses.