'One day this will be yours': Keys to the company handover

Handing over your business to the next generation should be done with caution and communication
  • Ideally, the likely transition is happening years before the actual event.
  • It is a good idea for incoming generations to have a high profile in their markets prior.
  • Make the transition a formal contract, not just a conversation.
  • Company founders can still make a valuable contribution by being the face of the company.
  • Patriarchs or matriarchs should step out of the way completely if their presence is causing confusion.

At 32, Natalie Rowe, the brand new team leader and broker-owner of Re/Max Advantage in Michigan, already knows that managing agents can be like “keeping frogs in a wheelbarrow,” as she puts it.