While offspring may think they can run the enterprise
they may not be best suited to take on the role of successor
Think outside the
FAMILY BOX all in the family is not always a good idea — especially when it comes to a family-owned business. Handing over the reins to a relative needs to be a strategic busi- ness decision, not an expectation or an obligation. “The right per- son can be a family member, a non-family member in the business, or someone external to the business. You need to think beyond immediate family,” said Chris Lynch, leader of Deloitte & Touche LLP’s Private Company Services consulting practice in Toronto. “You really need to be objective,” he stressed. By Donalee Moulton
