Succession planning and transition planning are two critical yet distinct processes in family business. Succession planning is a comprehensive, strategic process that focuses on identifying, developing, and preparing potential future leaders to take over. Transition planning, on the other hand, is a more tactical and immediate process that outlines the specific steps, timeline, and mechanics for transferring ownership and management responsibilities from one generation to the next, essentially outlining the ''how'' of the succession process. Join us as we examine the key components and concerns for each, as well as best practices and pitfalls to avoid when developing a plan to protect and continue your family business legacy. ... read more