There are many family business owners that are looking to pass the business down to the next generation but unfortunately that is not easy to do . Over the last 29 years we have been involved with family businesses where the transfer was a effective one and have also witnessed some that unfortunately did not go well . Why do these transitions fail ? Waiting too long to begin the process . No clear plan . Parents are not prepared to give children control . When treating children in the business and ones outside the element of fair is sometimes confused with equitable . There is no one qualified in helping the family to facilitate the process . Sometimes parents do not want to deal with it and their advisersfail to point out the importance of this process for all parties . We urge you to get a team of advisers that are accustomed in working within a team environment to guide you through the process . We have done this work and it is rewarding to see the stress relief that is created when the work is completed .
