What happens when succession plans get stuck? You listened to your financial and legal advisors and put in place an appropriate plan to transition your family business from one generation to the next. But then it is hard to let go. (Or to get the out-going generation to take a step back.)
This month, CFO Magazine looks at what they call “sticky-baton” syndrome.
They say that it poses important risks for businesses. Our anecdotal experience is similar, opportunities are missed when strategy is trapped between two strategies. But we also feel there are ways to clarify interests and help businesses pursue the right opportunities.