 Public Member
                                                    Family Business Editor
                                                    Reviewer - FB.org
                                                    Public Member
                                                    Family Business Editor
                                                    Reviewer - FB.org
                        
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While every family business is different, these guidelines can help most firms smooth out the succession process and maintain family relations as a bonus.
Many families dare not discuss certain topics because they want to preserve the illusion of harmony and unity. But these taboo topics are bound to erupt sooner or later.
The Germany-based global health care, pharmaceutical and performance materials firm has kept its vast family ownership team aligned for 13 generations.
Successful, long-lasting business families share an understanding of what is important to them, what they want to do together, and how they want to work together to achieve their collective goals and vision.
Everyone agrees that families should train members to become competent owners and stewards of the family business – but few of them actually walk the talk.
Consider a social media policy as a relatively “low-hanging fruit” to introduce the next generation to family governance work.
Your ownership strategy should consider that in future generations the family firm will likely have many more owners. Take a broader focus when you develop it.
A handover often marks the end of life as the leader knows it and the start of a new and unfamiliar phase. A grieving process is not uncommon.
Different ways of thinking shape how families make decisions, resolve tensions, and pass leadership across generations.