Family business succession planning

For family-owned businesses, succession planning is essential. But it’s more complicated, and takes longer to achieve, than many families think. Family Business Association CEO Catherine Sayer says succession planning can take years to execute properly. Without a clear plan, businesses risk uncertainty and conflict when key leaders step away — whether due to retirement, illness, or unforeseen events. Catherine explains why early planning and open communication are crucial, offering practical steps to ensure a smooth transition for future generations.