March 1998
The Director - Features
The Management Succession Plan...Objective or Emotional
Good business owners are usually very objective in making decisions that can have severe consequences to their business. But when succession planning is being considered and loved ones are involved, emotions may muddy the waters to making a good decision.
The Management Succession Plan... Objective or Emotional, discusses how succession planning can become very complicated when a family owned business is involved. Family members may love one another dearly, but are constantly at odds when it comes to running the family business. Fathers often want their children to take over the family business, but don t realize or admit that their children aren t capable of running the business.
Written by Ronald B. Gold, the article explains why many business owners turn to outside consultants to help them maintain objectivity.
Gold is president of R.B. Gold & Associates and has designed and implemented many business succession plans for funeral home owners for more than 20 years.
