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My family's brush with succession planning.

Article Excerpt
Although he grew up around the business started by his grandfather in 1908, my teenage father was forced to grow up in the business when his own father unexpectedly passed away. His entry into, and exit from, that business illustrate the importance of succession planning and the ability to adapt.

The topic of succession planning evokes dread and emotion for many business owners. Some simply ignore the subject, but those able to face reality take action to ensure they will control not just their destiny, but also their company's future. My father's early lesson served him well down the road.

Fast forward 30 years. The business had grown and prospered under my father's direction. I was coming up on my senior year in college and looking forward to graduation. Although my father and I never discussed life after college, both of us assumed I would come into the business. One day during the summer before my senior year, Dad called to tell me...

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