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I am afraid of treating my children unequally, but want to be fair to everyone. Could my children be Co-Presidents?
Do you want to treat your children fairly or equally? Are you familiar with the difference between these concepts and if forced to choose, which one would rank higher in importance than the other? No good parent would wilfully want to treat their children differently with malicious intent. Yet, even with the best of intentions, that is how it may be perceived by the children if communication is not truthful, respectful or timely.
What are good principles to keep in mind when dealing with these tricky situations?
Some final advice if I may: the whole process and the long-term success of your family business will only be secure when the right people are seated in the right positions in the company. It will not only be good for the company, but also your family and non-family management.
For more information as to how you can successfully transition out of your business, contact Eben Louw, CPA, CA at 604.870.7413 or [email protected].
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