Surviving a Succession Without a Plan

Adriana Gardella has written an interesting post, about two sisters who inherited their family firm and had no idea what to do with it.

However, the post is almost as interesting for what it omits:

1. I’m sure the sisters had been at least tangentially involved in the family business growing up….you’d have to be a cretin not to….but not knowing what to do with it? Really? Not too believable.

2. Once they decided roles for themselves, which they were forced to do, they should have discussed roles for others in the firm, and reassured them that the firm would go on, which it presumably has.

3. None of the relations gave each other a competency test, which they should have, because if they’re not really competent, they’d be better off selling the company or hiring professional management.

4, As their parents aged, how could they not have a discussion about what to do with the business? Again, not too believable. These two would set records for non-involvement with their parents.

Lastly, both could have taken our course S06, Family Business, which would have answered all of these concerns. And then call us if they still had questions.

 

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