Facing reality can prevent a nightmare scenario

Unfortunately, when considering the future, many family business leaders refuse to think “When I die”, preferring instead “If I die”. Because of this denial, they never get around to planning what will actually happen when they do die, even though such plans could avoid or alleviate financial and emotional pain.

The two most predictable consequences of the failure to focus on long-range succession planning are the faltering of a business left without a leader, and lasting bitterness amongst family members resulting from fights over control. But there are other effects, as well. A business may become crippled by the need to use limited working capital to pay taxes. Yet these can easily be avoided or reduced with the help