3PL Perspectives Hot Article: Cultivating the Next Generation Family Business Leaders
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Succession planning is the most important change a family business will undergo. Trying to pass the family business from one generation to the next is fraught with risk. Who will run the business? How will the current generation phase out? Can the next generation work well together? Successful family businesses are those that recognize there is risk, put forth effort, instill good communication habits, and begin working early on a plan for succession.
For owners, evaluating the next generation is perhaps the biggest landmine they will face when looking at succession. Every business owner would love to see their life’s work continue within the family. However, the next generation is not always interested or, capable. Probing into this area can be awkward. Owners need to balance giving advice with allowing the next generation to use their unique talents.
