Tip #4 – Train your successor and work with them. How can you expect your successor to take over and run your business successfully if you haven't spent any time training him or her? Your family business succession plan will have a much better chance of success if you...

Tip #3 – Get over the idea that everyone has to have an equal share. While this is a nice idea in theory, it may not be in the best interests of your business. Remember that management and ownership are separate business succession planning issues. It may be fairer...

Tip #2 – Involve your family in business succession planning discussions. Making your own succession plan and then announcing it is the surest way to sow family discord. Opening a dialogue among family members is the best way to begin the process of a successful...