This is a really insightful piece from KPMG and highlights some of the emotions that are in play when dealing with succession within a family business.
We are emotional creatures and when dealing with issues that are as complex as succession planning it is important to recognise these.
If you are faced with succession challenges and you are looking for advice or guidance it is important to work with someone who has experience in helping family businesses overcome these emotional challenges.
Succession planning often feels threatening to families. This is hardly surprising, when one considers that a network of harmonious family relationships, family members’ careers, status, family reputation and money are all at stake.