When Do You Transfer Management Skills for the Operation?
The right time depends on numerous factors, including who will take over, what skills they have to qualify them, how long the founding generation wants to be involved, whether the operation needs to expand to support more family members, as well as the strategy for passing on these skills and how the family envisions the next generation taking over. Planning early and not only identifying who will take over, but also how that process will unfold is important to the long-term success of the operation. It takes more than just telling the next generation when and how to do things, but also getting into why things are done the way they are.

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