Succession: Do this, don’t do that
When it comes to family business succession, having a plan is absolutely crucial. “Always have a plan, or a plan is made for you,” Wingspan founder Christina Wing tells Family Business Magazine.
But for many families, emotion and not wanting to have difficult conversations are barriers to planning. “A lot of times people don’t want to talk about succession because they feel like it’s giving up control, but if they don’t make a succession plan and they die suddenly, they have no input on the future of the business,” says Wing.
Read more about how to overcome obstacles to successful succession planning.