Succession in the Family Business: From the 1st to the 2nd Generation

Succession is a key process for the continuity, development and smooth operation of a company. Succession is like the central piece in a puzzle: it makes it possible for the rest of the pieces to fit together. It also ensures that the company created and developed by the founder will be able continue its activities productively in a way that will be sustainable over time. The succession process must safeguard the continuity of the company. It must also cement unity and harmony within the family, renewing and strengthening family members' commitment to the company. Succession is a key issue for the development of any company, whether or not it is family-owned. In the case of family businesses, the complexities that are inherent to the succession process are complicated even more by the emotional stress that is generated within the family during discussions about the preparation and implementation of the succession.