ABSTRACT
One of the most difficult tasks a family business or any business can undertake is to choose the next chief executive officer. Unfortunately, too many family-owned businesses wait until the last minute to make this decision. Maybe the founder is not ready, willing, or able to give up control of the company. Or perhaps it is not certain which family member or non-family member should be chosen to be the new leader. These family businesses are challenged with trying to make everything “fair” and must effectively handle generational differences. Unfortunately, if there has not been proper succession planning done, there is an excellent chance that the business might have to be sold to pay estate taxes or satisfy the demands of various heirs.
