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Succession planning in family businesses, particularly between fathers and sons, presents unique challenges. Balancing familial relationships with business interests requires careful navigation to ensure a smooth transition and maintain strong post-succession relationships. This guide outlines the common sources of conflict and provides a step-by-step approach to achieving a successful and harmonious succession.
CONFLICT Understanding the Emotion of Conflict During Exit Planning for Business Owners
Some owners will wrestle with the fear of making the wrong exit decision and it can be paralyzing. As their advisor, you are uniquely positioned to help them work through this fear. By guiding clients in clarifying their values, defining clear objectives, and using structured decision-making, you can empower them to make confident, informed choices.
This post will help advisors help their clients navigate this fear and move toward a secure and purposeful exit.