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Succession

Succession is widely believed to be the central management issue in family business. The very idea of succession rests on the notion that a set of generic concepts underlies the planning process.

Antonio García (18) worked for Mr Garza in a laboratory preparing food supplements. Antonio was a committed, hardworking and loyal employee. Mr Garza (72) wanted to retire and have some time to enjoy life.

Though you wouldn’t guess it today, Rug Bug was just a small-town carpet cleaning company when Constance Brown (58) and her husband Bob (62) bought it from Bob’s father in the early 1970s. From that meager start, Rug Bug has become the largest cleaning and carpet restoration business in the region.

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

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