Planning a business succession may take years and should therefore be started well in advance. The goal is to ensure that the next generation is available and prepared at the time when the current owner wishes to hand over the reigns. When handing over control takes place gradually, various management issues may occur.
Often business owners wish to leave the company to one or a few of their children, while leaving less-prepared or less-interested children out. In these cases sensible solutions need to be found to preserve fairness and family harmony.