The best planning in the world may not be able to prevent all events, all reactions, all negative results, but it certainly can minimize these greatly.  Just as finding out in a will that one of four children inherited the family house would surely cause a gasp at the reading, the blow might be softened if this wish were known in advance by everyone involved, and the reasons for this gift known and explained.  Multiple equal leadership is difficult to manage, so it would likely be necessary that one of those four children be asked to take on the leadership of the family business after the passing or retirement of the owner.  That same advance notice and discussion and explanation of the succession plan can go a long way in easing everyone into a state of acceptance, and even an embracement of the future plans for the business.

Privacy Versus Publicity - Encouraging the Family to Keep Private Matters Private

Private family matters are usually only brought to the public's attention by a family member who is disenchanted with the chain of events, and a mutual respect among family members and a desire to protect the family by everyone can usually prevent the world from knowing about disagreements or other unpleasant situations.  In a family business, there are still aspects of a business that by law or other circumstance become a matter of public interest, and not all situations (e.g., filing for bankruptcy) can be stifled.  But if a family member may quit, join a competitor, tell vendors or clients of problems or otherwise bring unwanted attention to the business, careful discussion of succession planning will prevent many of these issues when it includes the following:

• Create and use a Family Council to help your family have a forum to express their desires, have a voice and feel that they have been heard, in order to prevent them from venting in more inappropriate venues.
• Provide more succession planning than just the primary leadership; polling and assessing the family members to determine how others may fit into the business and feel that they are also important and placed where they would do best.

A Successful Succession - Not a Failed Family

There are many facets to a successful succession plan, which include eliminating the element of surprise from your family members.  Although the success of the family business is the desired outcome, no one wants the family itself to become a casualty.  And there is great comfort for the family business owner in knowing that the business is in good hands, and that all hands are on board.