How to Choose a Successor

Dig Deeper: Assessing Your Company Role (and Others') When Planning for Succession

Recommended Links:
'Family Planning a Rough Guide to Business Succession'
Succession planning isn't easy, but it is necessary. Start early and talk frequently, and you'll have an advantage. Here are some pointers and resources to learn more.

'Searching for a CEO, Succession Planning'
Learn how one entrepreneur roped in the hardest hire

'Choosing a Successful Successor'
Choosing a successor for your business doesn't always mean choosing someone like you or even someone you like. It entails choosing someone who is not only ready for the job but has the respect of key team members and the wherewithal to guide your company into the future.

Recommended Resources:
Efamilybusiness.com
Publications and information related to family business succession.

The Family Firm Institute
A non-profit, international, professional membership association for advising and research into the family business and family wealth fields.

The Money Alert
Things to consider for your business before succession.

SCORE
Advice for small business owners tackling the topic of succession.

Business Succession: The Final Test of Greatness Family
By Craig Aronoff, Stephen McClure, and John Ward
Family Enterprise Publishers, 2003
A classic resource on managing the challenges of planning for succession in a family business.

Another Kind of Hero: Preparing Successors for Leadership, Another Kind of Hero
By John Ward and Craig Aronoff
Family Enterprise Publishers, 1992
This book is focused on how to help the next generation in a family business rise to the challenge of leading the company.