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Family Business Labs
"The Successor's Paradox"
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The ideal time to pass on the baton to the successors is when they are eligible to succeed and handle the company. This decision must be made by the owners beforehand to avoid any conflict in the future. There are two main conditions for the successors to own the company. Firstly, they must have relevant skills and experience to lead the company and manage the employees. They must have work experience as the employees of their own company or another firm. Secondly, they must be able to manage the operations of the company to contribute to its success.