Every individual is unique, every family is unique and therefore every Family Business is unique. This implies that the way a Family Business transitions to the next generation also is unique. Although there are no ready-made or one-size-fits-all solutions, there are a lot of possible scenarios. There is a myriad of combinatorial possibilities, but no mathematics exists that can show you what the best choice is.
Mark talks John and Annie through all the possibilities that range from “doing nothing” (not advisable!) to “selling the company.” The in-between possibilities are interim non-family manager, succession within the family, management buyout/in, IPO, permanent non-family manager, and last and least a bit of everything (not advisable).
Mark then leads a meeting with the entire family to prepare them for their decision process in the coming period.