The longevity of a family business depends on early and ongoing succession planning. Communicating the results of that planning to family members and other key stakeholders in a timely fashion increases the likelihood that the business and its value will endure well beyond the leadership transition.
Lack of a plan, on the other hand, can signal uncertainty in a still- uncertain market. So don't put off until tomorrow what you can do today — start your succession planning now, while there's still plenty of time.
Read our chapter on Business succession