Any succession plan, whether in a family-owned business or in a professionally managed company, is fraught with emotional issues
I have a 30-year-old son and a daughter who is in her late 20s. I own a large business that I built. I’m nearing 60. And I’ve been thinking about how to transition the business to the next generation. I’ve groomed them both for more than five years. I’m now sure that my son isn’t cut out for running the business. Yet he assumes that he will inherit the reins. My daughter clearly has the chops. But this isn’t an easy decision for my wife and my son to accept. How do I break the news to them?
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