Tough choices for succession in family businesses

New York

SHARON MADISON was enjoying a successful career in marketing and advertising at Verizon Communications when she took a leave of absence to work for her family's business, United Building Maintenance. She joined her twin brother to help their father, who was ill. When their father died a few years later, she found herself running a company she had little interest in.

Jeffrey Wolf never worked anywhere other than his father's company, which manufactured private-label suits in New York for stores such as Macy's, Jos A Banks Clothiers and Men's Wearhouse. But at the end of 2010, finding it tougher to compete against companies abroad that made suits more cheaply, Mr Wolf's father decided to...

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