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Transferring Business Management

Don Hofstrand (May, 2016)

Summary

A successful two-generation business arrangement depends on the smooth transfer of management. Below are some approaches to help make this transition. For a business arrangement to succeed, participation in management by both parties is important. The younger party should be given an increasingly important role in management. This transfer will not occur if the parent always pulls rank or persists in saying “I decide” rather than “we decide.”