Some parents require their children to get several years of work experience elsewhere before joining the family business. Then there are the fine points of ownership, tax liability and legal contracts. Some experts suggest assembling a succession team with legal, accounting and financial-services experts, and perhaps even a psychologist skilled in conflict resolution. A written plan is essential. But the transition itself can be quite informal, says Bob Nuber, a family-business specialist at the Bellevue accounting firm Clark Nuber.
People talk about it and they know what's going to happen.
It just gradually happens and the successor gradually takes over more authority. When he was ready to sell the mechanical divisions, the sisters decided their hands were full enough managing Seven Sisters. He sold the remaining business to employees. Now Nancy Williams and her sisters are talking about who will succeed them. There are 11 children in the next generation, ranging in age from 6 months to 27 years.