Succeession

Abstract

For all family firms there comes a point when the founder or current steward has to retire. In a perfect world, the succession plan will have been communicated to the entire family well before that time comes, after the current family leaders have thought hard about the right model for the transition. They will have chosen the best time to step aside and let the next generation take over. After years dedicated to the family business, they will catch up with life ‘on the outside’, having no further involvement unless called upon for a historical perspective or advice. The next generation will agree that the chosen model is best for the company and the family, and will happily take up their new roles as owners, managers, or without direct involvement in the firm.