Succession Plans for Family Business: "An epidemic of cowardice"
Wayne Rivers studies family businesses that succeed in passing the business to the next generation and the ones that fail. The ones that succeed have a lot in common - they communicate regularly, they have dates agreed to, and they have a true, well thought-out business plan. The ones that fail? None of that. Only a loose commitment to the next generation that "this will all be yours someday."
Succession Plans for Family Business: "An epidemic of cowardice"
Wayne Rivers studies family businesses that succeed in passing the business to the next generation and the ones that fail. The ones that succeed have a lot in common - they communicate regularly, they have dates agreed to, and they have a true, well thought-out business plan. The ones that fail? None of that. Only a loose commitment to the next generation that "this will all be yours someday."