Changing of the Guard: How to Develop a Solid Succession Plan

To remain successful for multiple generations, it's critical that family businesses have a…

Georgia (Jan 4, 2016)To remain successful for multiple generations, it's critical that family businesses have a solid succession plan in place.


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For a smooth leadership transition that allows for continued growth and innovation, family businesses need to begin laying the groundwork for the succession process long before it is needed, according to a new study from EY  (an assurance, tax, transaction and advisory services provider) and Kennesaw State University.

"How long-lived family businesses approach succession planning can serve as a model for other family businesses as well as companies that aspire to maintain an entrepreneurial spirit, innovate and grow consistently through leadership changes," said Joe Astrachan, a professor of management and entrepreneurship at Kennesaw State University. 

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A leader in innovative teaching and learning, Kennesaw State University offers more than 150 undergraduate, graduate and doctoral degrees to its approximately 41,000 students. With 11 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia and the third-largest university in the state. The university’s vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the region and from 92 countries across the globe. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges and universities with an R1 or R2 status, and one of the 50 largest public institutions in the country. For more information, visit