Did you know that successors appointed between the ages 35 and 45 tend to experience smoother succession transitions? They’re young enough to seek advice from the older generation—and they have the energy to learn and quickly recover from mistakes.
Every family business that transitions to the Next Gen will face challenges. But there are tried-and-tested practices that can make the transition smoother. Preparing the Next Gen for leadership—and to take over at the right age—is just one way to ensure a smoother transition.
This article explores two other tenets family businesses should consider when succession planning.
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