Great article by Betsy Morris for The Wall Street Journal. In a family business, knowing when to step aside rather than down makes the difference between a successful transition and one that fails. Power and control are often at the center of generational tension. We suggest "letting them under the tent flap," as Steinbrenner used to say as soon as possible to give them runway to learn how you think. A next-gen family member came to us when their father said he was finally ready to retire in his 80's. Unfortunately, the successor had just celebrated their own 65th and was making plans for their own retirement. We suggest building the competence (read trust) to run the company as soon as possible, giving the next generation the best possible shot at success.
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