He’s run the company for 40 years and has talked about retiring in the next five to ten years. A few years ago he brought his mid-20 year old son into the business. Whenever you are thinking in terms of business succession planning, there are two tracks you should consider. More importantly, at least initially, is to focus on making sure the transition will be successful long term. If you own a business and are considering a transition to a family member, think about all the areas that are critical for the success of your business.

Source: Forbes February 23, 2018 15:00 UTC