The power struggles and compromises of politics are well known and yet the politics of family-run firms – still a backbone of many economies – are not always as well chronicled. When succession and business transfer are up for discussion, these issues come into sharper relief. Wise planning is essential.
To many people, the thought of having a family company that you can join and work for is a blessing. And of course, it often is! However, for second, third and beyond generations, joining an established family company can also be fraught with difficulties. Below are some of the issues that we have seen arise and how they were dealt with.
Article written by Keith McAlister, Thomson Snell & Passmore originally published in Wealth Briefing. Read the full article here (please note this is behind a paywall): Navigating Family Business Politics