The birth order of your children that are either active in the business or owners can have some bearing on the success of your succession plan.  Did you ever think this way?  Many traditional families often left the family business to the eldest sibling, and in some cultures, regardless of the birth order, the eldest son.  Is that child most well suited to take the reins?

Here is a prior blog post considering this topic in more detail.

http://successiontoday.com/2013/09/29/primogeniture-does-it-still-exist/

You may consider the following in terms of who can “run” the business, after you leave:

1. is the child interested in the business

2. based on your assessment, what are the strengths needed to operate your family business through the next generation

3. is there room for you to split your role into multiple positions to accommodate a number of children interested in the business

4. do you need professional managers to be added to bolster your business?

These are just a few thoughts that you should consider as you continue on your succession path.

Learn, think, apply!