So, why is it important to learn about family business transition? Well, for starters, if you are an owner, you will one day have to make the tough decision of determining who will take over the ownership of your business. Before continuing, here are a few things to keep in mind:

• Succession is a process, not an event. Be prepared and be patient.
• Planning for the future can never start soon enough and remember to keep all implicated parties involved in the process to avoid conflict down the road.
• You may also consider multiple transition paths and narrow them down as time moves on.
• Each transition is unique, there is no universal turnkey. It takes thought, reflection and cooperation from everyone involved.