Family business succession planning can be complex on many levels. There are corporate readiness elements from a structure and ownership perspective, the emotional readiness of the senior generation as they transition out and prepare for their next chapter, and the skillset readiness of the next generation of rising leaders.
Family businesses that can attract and retain experienced senior level employees can be a critical factor to the long-term success of the business.
Steven S. Staugaitis, Director, Audit & Accounting, discusses different incentives and how can you best use them in your family business.