Secret to succession: ‘You’ve got to let go’

Originally published as a Special to Globe and Mail Update,  Monday, October 4, 2010

Experts say one of the biggest crises facing businesses is the imminent succession wave, as thousands of baby-boomer entrepreneurs prepare to retire and pass their companies on to other people.

The risk is real. Whether you’re planning to transfer your business to your children, to your employees, or to strangers, there are huge pitfalls. How do you, the owner, let go? How should you structure the share transfer? And how do you manage transition in a way that will minimize disruption to employees and customers?

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