Owner or steward?
Succession planning for private companies and family-owned businesses can be compared to a relay race, a track-and-field sport where team members pass on the baton to another team member. Passing the baton is a delicate moment, contributing significantly to winning the race. Passing the leadership “torch” to a new generation, whether family members or external new owners, also requires a certain amount of delicacy. The task is not an easy assignment. Even with good preparation there is no guarantee of a successful succession.