Most family businesses employ outdated systems and procedures that may be hurting the bottom line. If you have not conducted an objective, independent operations assessment within the past three years, now is the right time. You must also communicate your vision and strategy to the company's new leadership. If not, develop and communicate your strategic plan to every member of the organization. You must also understand what to expect financially.
Family businesses can be either growth investments or income investments.
Most cannot be both. Everyone in the family should understand what they can realistically expect in financial terms. Your current management model will invariably change for the next generation. Plan for and manage this change. Leaving it to chance creates fertile ground for conflict.