Since our family business lacks a formal succession plan, discussions about it are frequently postponed or avoided because they are viewed as delicate or immature. This leads to underlying tensions, such as anxiety about the future, reluctance to innovate, and uncertainty for the next generation. While younger members feel prepared but uncertain of their role, senior members maintain control. Lack of clarity can impede long-term growth, strain relationships, and slow decision-making. Navigating this dynamic is emotionally charged and culturally complex, though, because there is also a strong respect for the founder's legacy. It's difficult to start, but a clear plan is necessary.
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Family Business Labs
"The Successor's Paradox"
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