How family firms can best plan for succession

Family businesses should prioritize creating a structured succession plan to prevent disputes and ensure a smooth transition to the next generation. Cases like Walker's Shortbread, Dr. Bronner's, and St. James Town Steak and Chops show the importance of involving family members early on, setting clear roles, and seeking external advice when needed. Businesses that fail to plan for succession risk facing emotional turmoil, legal issues, and potential closure, emphasizing the necessity of proactive planning for the future.