10. Succession Processes

The chapter delves into the multifaceted nature of succession in family businesses, emphasizing its pivotal role in shaping the future of both the company and the family. It discusses the intertwined aspects of ownership and leadership succession, highlighting the need for a well-structured and inclusive decision-making process. The text also explores the various challenges and opportunities that arise during the succession process, providing practical insights into how to navigate these complexities. Additionally, it underscores the importance of preparing the company, the successor, and the predecessor for a smooth transition, and offers guidance on how to address the diverse interests of stakeholders involved. The chapter concludes by emphasizing the significance of professionalizing the circle of owners and ensuring a sustainable future for the family business.