Why Succession Planning Is More Than Just Writing A Cheque

The easiest way to lose a friend, an old saying goes, is to start a business together. The same is true within a family. That’s partly why passing on a business to the next generation is anything but simple and may open painful wounds. Indeed, HSBC said in a report earlier this year that next to divorce and bereavement, transition of a family business can be the most stressful time in your life. But done properly, a successful ownership succession is the reward of a lifetime; a legacy passed on to the very people you love and trust the most.