Your Company: The Next Generation

Emotions also run high for the person — or people — being succeeded. And while some have trouble letting go of something they built from scratch, oftentimes this reticence is rooted in concern over financial stability, says Rachel Owens, a principal at Succession Strategies.

“If business owners don’t start to build outside assets away from the business itself as they get older,” Owens says, “all their future stability is now tied up in the success of the business ... Sometimes owners aren’t comfortable with relying on the successor to continue to generate the income they need.”