Passing the Baton: Pitfalls to Avoid in Family Business Succession Planning

The old saying “when you fail to plan, you plan to fail” pertains to almost any business endeavor, but particularly to family business succession. Four out of 10 family businesses do not have a succession plan in place. Every businessowner should consider succession planning, and for those owning a family business there can be unique family dynamics in play. Below are five common missteps to avoid when preparing a succession plan for your family business.