Few challenges demand more of a business owner than passing on the
family business to the next generation. Family members' lifelong hopes,
dreams, ambitions, relationships, even personal struggles with
mortality--all figure into managing succession. This second edition
of a 1992 classic reflects many more years' worth of knowledge gained in
the study of family business. This edition identifies succession
management problems and solutions for any family business CEO, whether
the business is in its first or second or third generation, or beyond.
This edition focuses not only on succession planning but more so on
managing succession. Good succession management is like good strategic
planning. Once the planning is completed, the real challenge and
greatest value comes from keeping it current and implementing it. Family
Business Succession: The Final Test of Greatness, 2nd edition helps
break the complex succession planning and management process into
understandable pieces. In its pages you'll learn: the different types of
leadership transitions; how to overcome resistance to transferring
power, as well as ideals for new roles, new careers and other
post-retirement activities; five pieces for good management of the
succession process; to prepare your business for succession; to prepare
your family for a successful transition; develop effective successors;
the process of choosing a successor; how to implement succession; how to
avoid common post-succession mistakes and problems; and much more... Family
Business Succession shows how to turn succession from a potentially
explosive crisis into a renewed commitment to the business and the
family. It is fast reading, filled with real-life cases, practical tips
and 15 useful exhibits.