In a family business, succession is the most important phase. They carry on the family business's heritage of transfer from one generation to the next through succession. Succession occurs when a fresh generation steps forward to continue on the family business' tradition and enter the industry.The concept of succession planning does not exist in my family since it is considered , and it is thought to be something that could break the family's unity. The issue bothers me personally because abandoning the preparedness plan or failing to participate in the succession plan will only make it more difficult to comprehend how the firm operates and may even result in the company's demise. I intend to restart the conversation, as well as work on a prospective succession plan that I will address with my family.
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Family Business Labs
"The Successor's Paradox"
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