Family firms need operating handoffs, not only share transfers

Families often begin succession with solicitors and accountants — rightly so for shares, wills, and tax. The operating gap remains: who greets the difficult customer, who signs off overtime, who knows why a supplier still gets paid on odd terms.

Separate the conversations

We encourage families to keep legal structuring with their professional advisors while using continuity planning for the shop floor and the inbox. Mixing both in one emotional meeting usually stalls both.

A practical starter list

• Customer relationships ranked by concentration and personal loyalty to the outgoing owner
• Decisions the next generation may already take versus those still escalating
• Rituals that signal authority to staff — who opens the Monday meeting, who walks the floor

Growth planning and succession planning meet here. A firm cannot pursue new markets while authority is ambiguous. Clarity on the handoff is itself a growth decision.

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