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Succession planning is important in any business, but it's sometimes overlooked in family-owned operations. This is a big mistake. There are numerous former family-run companies that no longer exist due to poor or no succession plan.

The plan needs to be well thought out and discussed with everyone affected. Don't just assume that a son or daughter will want to carry on the family business. Even if your children say they will take over, they may not have the true desire required to continue a successful operation.

source: http://forum.belmont.edu

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There was a seminar I have attended called "Family Business".

80% of the worlds businesses started from "Family Businesses". The bottom line of the seminar is "Keep the family image" even if somebody runs the corporation. So, it does'nt necessarily mean that one of the sons or daughters must be the successor to run the business. Hire somebody with a high caliber and colorful qualification and expand the business, as long as your name or family resemblance remains.

Some examples are Dr. Scholls, Kentucky fried chicken (the Kernel's face is still on the logo), Johnson&Johnsons, Procter&Gamble, MGM ... etc.

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