The founder’s fear of the mind is, in fact, one of the biggest barriers to effective business succession planning, according to a leading academic that studies families.
A mother or father’s fear for their own future and their concerns about running out of resources to live on, often can be manifested when it comes time to approach the business succession planning process. 
Failure to accomplish business succession planning not only harms the potential options in the future for the company but can also be damaging for your existing employees or your family members if it comes to the point when you must suddenly depart the business. Because of all of the various challenges associated with business succession planning, it often gets put off.
Some principals of companies postponed or ignored their responsibility to arrange successors because of a lack of trust in the next generation or because of a previous attempt to plan that failed. Some of these psychological hindrances are especially problematic in light of the fact that some of the biggest intergenerational transfers of wealth in history are coming in the next several decades.
Often a founder who has fear at the forefront of their mind will not be able to imagine life without being in daily contact with the company and this assumption that they’ll continue to work with the family business often damages everyone inside the company if a sudden incapacitating event or death occurs. This is not exclusive to founding controlling owners and there are plenty of examples of executives who also have psychological issues and challenges the very day after they retire from their company.
You can accomplish your business succession planning goals by scheduling a consultation with an experienced attorney you can trust.
