Business owners procrastinate when it comes to succession planning for many reasons, including uncertainty over potential successors and concerns about how affected family members and key employees will react. But these obstacles aren’t insurmountable, according to Lawrence Gold, corporate attorney for law firm Carlton Fields and author of Passing the Torch Without Getting Scorched: Preserving Your Legacy With Smart Succession Planning.
This interview includes Gold’s take on:
- Why management and ownership succession are different
- Why it’s hard for owners to prioritize succession planning
- How to decide whether to pass the company to family
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