Succession planning

Our family business does not yet have a formal succession plan, which has created underlying tension and uncertainty among family members. While there have been informal discussions about who might take over, nothing has been clearly documented or agreed upon. This lack of clarity has led to subtle competition between siblings, differing expectations between generations, and occasional friction during decision-making. The older generation is emotionally attached to the business and hesitant to let go, while the younger generation is eager for responsibility but unsure of their future roles. Without a clear plan, strategic long-term decisions are often delayed, and trust can be strained