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Giving Up The Biz Can Be Very Hard To Do

Mar 28, 2012

WATSON helps family businesses plan for succession through good governance frameworks. Are you ready?

Succession planning sounds hard until you actually do it. Then it gets harder.

“It’s kind of, you know you’re not on your [way] up any more,” insurance agency owner Jim Ball, 70, said recently. “You’re starting on your down.”

Ball bought a tiny, five-person insurance agency 30 years ago. He grew it to 40 employees with four divisions and a Toronto office, and now he’s planning to pass Reliance Insurance Agencies on to his 42-year-old son, Chris. When he embarked on the succession process, little did he — or Chris — know just how challenging it would be.

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