If you’ve decided that it’s time for your kids to take over the family business, there’s more to it than simply handing them the keys. You need to have a succession plan. We can’t give you a template, as there’s no single “right” way to do it. But you do need to have a plan.
In a good succession plan, roles are clearly defined. “Everybody can’t run the company,” says Champ Rawls, associate planner at The Rawls Group, LLC, an Orlando, Florida-based succession-planning firm. “You have to clearly outline what everybody’s responsibilities will be.”
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Article written by: Mary Elizabeth Williams – Villano