"SOLVING PROBLEMS IN SUCCESSION PLANNING FOR FAMILY BUSINESSES" [2019] ELECD 1427; in Zwick, A. Gary; Jurinski, J. James (eds), "Tax and Financial Planning for the Closely Held Family Business" (Edward Elgar Publishing, 2019) 207

Book Title: Tax and Financial Planning for the Closely Held Family Business

Editor(s): Zwick, A. Gary; Jurinski, J. James

Publisher: Edward Elgar Publishing

Section: Chapter 7

Section Title: SOLVING PROBLEMS IN SUCCESSION PLANNING FOR FAMILY BUSINESSES

Number of pages: 23

Abstract/Description:

This chapter details the thorny issue of succession – who will lead the business in the future. This seemingly simple issue has proved the most vexing problem of all for family businesses. While the decision in a non-family business is generally made on the basis of merit alone, the succession decision in a family business is far more complicated. In some cases there may be no obvious candidate but there can equally be more than one able candidate which makes the decision even more complicated, because the decision will disappoint one or more family members. While choosing a competent non-family member may be a good business solution, the choice may be a disaster for the family. Sometimes older managers “hang on” too long. The chapter also suggests how the decision can be made and sets out a timetable for making and implementing the decision, while considering the interests of various family members.