How a family business manages its in-laws should be decided by its values.
There is no template for succession planning in family businesses. How a family business owner hands over the reins to their child or children and how successful the transfer is depends on years of planning.
But even those who plan ahead and have “the conversation” with their children about running the enterprise can face challenges. Today more than ever, children of family owners want to spread their wings, some to escape the clutches of the family empire, others simply to gain “real world” experience before they eventually return to the family business.
