There will come a day when the owner has to decide whether to sell the company or keep it in the family. An exit must be handled with skill and empathy.

In a succession transition, performance management conversations are key to ensuring that the successor has the support and guidance needed to effectively lead the business. Follow these 3 tips.

Nothing hurts a transition more than an owner and a successor who aren’t on the same page—particularly when the latter isn’t sure they even want the job.

As an owner, how you communicate your successor decision will set the stage for your transition and could make all the difference between failure and success.

If you’re heading into a transition, don’t assume your successor is on the same page as you are. Instead, sit down and have an honest conversation.

Businesses that fail in transition do so because of poor communication and insufficient preparation. But, there is one ingredient without which no succession plan will ever get off the ground: execution. Ask us how to execute a smooth succession transition.

Most family business preparation focuses on succession planning for the future. However, focus should be given to securing the current operations of the business via a continuity plan. It is more likely that a business runs into trouble because the owner becomes incapacitated before the business reaches the point of a natural succession transition.

Communication obstacles can be overcome. When family business owners commit to engaging in a series of key conversations with their successors, they not only survive, but also thrive into the next generation. Take the free assessment to learn if your business is prepared for succession.