The default plan can change.

• Author: Kristie, James
• Position: THOUGHT LEADERSHIP - Reprint

From Dirty Little Secrets of Family Business by Henry Hutcheson. Copyright [C]2016 by the author. Published by Greenleaf Book Group Press (www.gbgpress.com).

The dream of most family business owners is to hand the business over to their children with the hope that it will continue for many generations to come. My goal is to try to help them achieve that dream, if possible. Unfortunately, some family businesses simply should not go to the next generation. Yes, it can be sad, but trying to force a square peg into a round hole will only create a great deal of damage. Relationships will become frayed, wealth can be negatively impacted, and lives can be wasted.

When the default plan changes, business owners often experience much...