If you plan to retain the enterprise within the family, then the transition of the business to the following generation is necessary.
This can be a challenging time and some points for consideration are set out below.

What is a sibling partnership?
– evolution of an enterprise to the following generation
– can carry significant emotion with the necessary transition
– focus required on the family and the business, simultaneously

Challenges you and the enterprise may face
– some siblings working in the enterprise and others not
– differing ownership interests (reinvest vs. dividends)
– communication style differences and learning to work together

What methods can help facilitate the necessary transition
– regular communication
– family meetings
– family governance and goal setting

Learn, think, apply!