Succession planning is an important priority for any business. However, for family businesses, the challenge can be particularly difficult. First, the current ownership must be confident in the commitment and capabilities of either the son or daughter of the family or another manager in the company if no offspring exist. And, of course, the individual identified must want to lead the company and believe that their skills and interests are a good fit for successfully running the business.
Even if those requirements are in place, the current owners must work with other family members to identify which family member or external candidate is right for senior leadership. Often, the obvious choice (e.g. the oldest offspring, the most experienced in commercial flooring) is not the best option. As many experts in family businesses can attest, emotions run high at this phase of the decision and families can be torn apart.