In my opinion, many succession planning efforts in organizations do not work because they fail to take into account the fact that jobs at the top are simply different from other jobs. For one thing, as jobs near the top they become increasingly ambiguous. It is difficult to describe them in any way that [...]

Family-owned businesses are simply different from other businesses. Up to 90% of a family’s net worth can be tied up there. Family businesses also have two primary and often conflicting priorities – (a) the growth and survival of the business and family assets and (b) the maintenance and survival of family relationships. These conflicts often exacerbate when the economy is tough.

In many ways, executive succession is like a brokered courtship and marriage, especially when external candidates are involved. Both parties usually present their best selves, position for best advantage and look for confirming evidence of their initial positive impressions. Unlike many courtships, however, executive selection rarely includes the time or process necessary to reality test the relationship before the marriage is consummated.