Succession is a complex process. It requires looking ahead to the rising generation of a family enterprise, engaging the family in charting the path and encouraging, training and then selecting the rising generation of leadership.
The founding generation may find this unexpectedly challenging. It is no longer a question of simply deciding who will succeed them. Family business owners must change the culture of the family to balance the values of tradition with innovation and change. To do this, they need the active participation of all generations.