Our parents are getting ready to retire, but I sense they’re not ready to trust that we can take over. There are four of us in the next generation. We have been in the company for a while. One of us is more serious about making something of the business and one of us has mixed feelings about sticking around to see this through. Two seem like they’re coming along for the ride. I get that our parents may have concerns, but at some point we have to move forward with having the next generation take over. How do we get there?
THOUGHTS OF THE DAY: Figure out what each player wants. Set goals and document an action plan that describes what you and your parents want to accomplish with the company. Have open and frank conversations with your siblings about what each is and is not prepared to commit to. Decide if you need help negotiating details between generations.