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Thursday, 24 July 2008
 
 

Succession and "The Family Code of Conduct"

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Succession and "The Family Code of Conduct"

How can you turn the business over to your children without creating chaos. This is probably the toughest question any business owner that has family working in the business will ever face. However, the answer is simple. The answer is... It depends. It depends on how well you (the owner) have prepared yourself and your child for this transition. Have you planned this out? Has your successor been trained, developed and prepared for the transition? In most cases privately held businesses generally have several family members working in the business. When the president has more than one child in the business, things start to get more complicated.
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