of these reasons are as follows (Stirling & Stewardson, 1995):
1. No family member wants to, or is able to, manage the business.
2. Too many family members want to run the business. This situation more often results from a failure to plan than from any other reason.
3. There is a lack of the senior generation's investment diversification.
The older generation needs to secure its retirement income and to plan for the widowhood of the founder's spouse. Incentives have to be provided for children and in-laws to remain active or to allow other siblings to be active in managing the company. Liquidity must be provided for the estate of the senior generation to pay taxes and expenses relating to the business (Birley, 2001).
Once a decision has been made that a generational transition should occur, a decision must be made as to who among the next generation will become the new owners or controllers of the business. Treating all the children equally in such situations may not mean treating them all fairly. Within this context, the following issues must be addressed (Stirling & Stewardson, 1995):
1. What reward should be given to children already in the business?
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