Issues & trends - solutions

Favouring one child at the expense of another will always be difficult but sentimentality has to be set aside and the commercial reality faced even if that means recognising that the suitable successor for your business is not the originally intended choice.

Family Business owners must be honest in assessing the capability of their children to become a business leader. If a child lacks that capability the owner must face up to this reality because, like so many other family Business problems, brushing it under the carpet will only make it worse.

For that reason, it is very important that you make sure everyone is aware of your intentions from the start to avoid misunderstandings and problems later on. I would recommend discussing succession with your sons as early as possible. However, as with all family Business issues, don't assume anything. Make sure you speak to both your sons about their aspirations and ambitions; your younger son may not want to take over the business and your older son may have ambitions outside of the business.

Objective, third party advice could play a key role here and be helpful in helping both your sons to sort out priorities and objectives for their future careers. The third party could be a non-executive director, one of your company's professional advisers, or perhaps a trusted non-family manager.