Have you planned for your family business succession? Succession planning is a growing issue for family businesses due to demographics. Post- World War II entrepreneurs, who created the world’s greatest wealth, have reached an age when they must decide how to pass on the wealth secured primarily in their family businesses. (Joseph Astrachan, Ph.D., editor, Family Business Review, June 2001)
Succession planning for emergencies or for a principal retirement can be of great importance to maintaining business continuity. Choosing the right successor is an outcome of hard work evaluating family member candidates or outside talent. No one should be a shoo-in without experiencing the rigorous assessment for readiness and an educational plan developed to get your choice ready to take over without your assistance. Dr. Northington guides clients in all stages of family business operations, from making the decision to start a business to planning for retirement and succession planning.