The decision to transition the business within the family can be the best or the worst experience in the lives of all involved. Those that plan the transition with a long lead-time, attention to training of the next generation in technical and management skills, close attention to family dynamics and conflict resolution, clear communications and the use of skilled professional advisors have a good chance of making a family succession plan work.
Unfortunately, most family business owners leave the process until it is too late, base decisions on emotions, do not communicate, and let family conflicts influence decisions. These cases do not end in harmony and family cohesion.
What family members do not understand is that for a transition within a family to be successful, the owners (typically Mom and Dad) have to make decisions in their own best interests as well as in the interest of leaving the business in a strong position moving forward.