Succession planning in any business can be challenging. Finding a qualified candidate to replace yourself; being ready, willing, and able to let go; and ultimately orchestrating the many handoffs with your customers and staff takes not just personal commitment but also significant perseverance.
It is an emotionally-trying journey that can break down in any number of ways. Now add to that the complex dynamics and often competing priorities of a family business! Succession planning in family businesses is riddled with countless traps and clear points of failure to watch for. See below for a list of ten common pitfalls to avoid when you are planning for the succession of your family business leaders. Whatever you do, don’t let these happen to you.