Transferring titles is easy, but letting go of authority may be one of your most daunting challenges. Another important step is to position yourself so that you're financially independent of the business. If your retirement income depends on the operating income of the business, you will never let go. Start putting retirement assets into other baskets. There are dozens of hats one can wear in a family business, including owner, boss, employee, mom, dad, spouse, son, daughter, sister or brother.
Every hat has different rights and responsibilities.
Understand who owns which hats and what the related responsibilities entail. Learning to communicate effectively is an important aspect of the Family Transition. Too many successions fail because families can't make important decisions. Effective communication doesn't happen by accident. Take the time to learn and practice good communication skills.