Tip #5 – Get outside help with your business succession planning. Lawyers, accountants, financial advisors – there are many professionals that can help you put together a successful succession plan. There are even companies that specialize in family business...

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...