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Succession

Transitioning the family business from one generation to the next is fraught with hardship, headaches and high drama. So says the mainstream press but it’s just not so

By using the ‘four phases of succession’ a family business owner can pinpoint precisely where the business is and then smoothen the transition to the next generation. But the key is to take painstaking care during the early phases

When their 45-year old father, Frank, founded his tool and die business he had hoped only for enough business to be able to provide for himself, his wife and their two boys, Roger and Alex.

In December 2002 the Daniels family were enjoying a rare Sunday dinner together.

It is never too late to start planning for succession. The financial/business options for providing what meets each family member’s needs are not as limited as they may at first appear

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