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War Stories: Family Business Succession
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War Story #15
Business Type: Highway Construction
Challenge: Family Business Succession
Work Performed: Developed succession plan
Benefit Provided: Smooth, conflict-void transition
Long-term Result: Continuity into the 3rd generation

This company was controlled by two generations of cousins; i.e. one son each from families of two brothers. The question was how the 3rd set of cousins would fare in a new era of construction industry challenges caught in an economic downturn. Things had changed financially and the interests and capabilities of the 3rd generation members presented challenges. Leadership skills varied among the cousins and the fathers had not solidified their financial "parachutes". There was a definite need to examine the future and how "ready" the sons would be to carry "the baton" forward.

We helped to facilitate the planning and implementation of a transition strategy that enhanced the working relationships of the sons and enabled the fathers to eventually step aside towards retirement "more comfortably".

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