Family business owners face unique challenges…and they also tackle those that affect all businesses. Sometimes, they can kill two birds with one stone – especially when it comes to creating a transition plan.

When I discuss transition with clients, I always like to point out the obvious – 100 percent of us will transition, whether we want to or not. All of us get old, decline, get sick, or have some other issue in the twilight years of life. But it doesn’t have to be that severe. A change in the direction of your family business can leave you miles behind in the dust…

Succession planning is easier said than done. Among family-owned businesses succession planning conversations often happen too late, and lack necessary details and preparation in order to make it effective.