Following along our summer theme of managing family business, and succession planning here is another great article from the Globe and Mail on how to successfully transfer the reigns of a family business. The article tells the story of a Toronto father wanting to pass on the family business to his son who had already started his own career. It highlights the many considerations that must be made when transferring responsibilities of the business, not only of the parents passing it on, but also the children who will be taking over.
Things that must be considered include whether or not the transfer is going to satisfy children's professional goals, will they be the right fit for the business, and do they understand the interests of the company.
To read the full article check out the link here, How to make a success of succession when passing on the family business.