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Passing the baton successfully

A successful estate and succession plan should start early with the first generation, when the patriarch is still in charge.

The patriarch must also identify the most competent successor early on. Trying to divide the business equally among family members makes the business more vulnerable for takeovers, especially if the business is not sizeable or if there are many children involved.

AFTER working hard to build one's business and personal wealth, it is natural for business owners to next think about how the business can be successfully transferred to the next generation of leaders and beyond, to carry on the family tradition. After all, it is every business owner's wish to...

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