All businesses need to prepare for transitions and minimizing related risks. Transitions will occur in ownership and business contexts. They could be related to ‘what-ifs’ – such the sudden passing of an owner or COVID. They could be related to competitive forces – for example, some NSRA members have been more aggressive than others in online sales. However, when you overlap family issues along with business and ownership transition issues, things can get complicated. Also, it’s important to note that every family and every business is different. So, while there are suggested best practices from the family business field, what works well for one firm’s situation may not be ideal for another.
Wittmeyer, Carol (2022). "NSRA NextGen Program: Preparing Tomorrow’s Family Enterprise Leaders." Shoe Retailing Today .
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