Business Succession Planning

Friday, January 17, 2020

Avoiding the Drama of "Succession" with a Business Succession Plan

How can I select an heir to carry on the family business?

The popular HBO series “Succession” explores dramatically a common issue—heirs fighting for control of the family empire. The series centers on the Roy family, who control a media and hospitality empire. As the family’s patriarch ages and suffers health problems, his four children each vie for control of the company. While audiences enjoy watching the heirs conspire against each other and their father as they attempt to wrest control over the family company, many of us may not realize that this sort of drama really happens in family-owned businesses when the founder has failed to establish a business succession plan.

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