A death in the family, the firing of an employee, the closing down of a part of the business—all of these are jarring changes. They’re sudden. Family members, family shareholders, business owners, and even employees struggle to adjust to sudden change. It’s disruptive. It’s chaotic. And it can lead to instability within the business.
“Gradual changes are almost always better than sudden changes,” Steve Legler argues. People have a chance to accept and prepare for what’s coming. These changes allow for smoother transitions and less disruption in day-to-day operations. However, when it comes to gradual ownership transitions, very few family businesses are prepared. How can a family business prepare for a gradual ownership transition?
Find the answer in “Transition Timing Gradual Versus Sudden.” Be sure to check out the links Steve provides throughout his article and learn more about the ownership circle and its often forgotten challenges within a family business.
Read about how to prepare for a gradual ownership transition here.
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