Succession planning for clients who have family- owned or closely held businesses is a world unto itself. Many entrepreneurs remain unwilling to plan for succession. The reasons they give are varied, but often include a reluctance to give up control, an inability or unwillingness to see someone else in charge, the belief that no one could possibly take over, a fear that if they give up control the company will inevitably fail, or that no one in the family is prepared to assume control.
Many of those who own such businesses said that their most difficult challenges are deciding who will succeed the current owner, and how to preserve and build the company's value by providing for a smooth transition of ownership and management to the next generation.
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