Taking over my family business was a minefield. Here’s how we made it work

Allison Speigel is commercial litigator and partner at Speigel Nichols Fox LLP in Mississauga.

It is crucial to assemble the right “next generation” team. That is no easy task. The younger generation must ultimately be capable of successfully running the business and must be hungry to succeed; after all, these are necessary ingredients to the success of any business. In the context of a succession, however, these necessary ingredients are not sufficient.

When I first joined the firm, I strongly suggested that we needed a new website. Although my suggestion was initially met with reluctance, I proposed that the partners provide me with a very modest budget to build my “fancy new website.” Given the budget, I was required to spend a significant amount of time bringing the new website to fruition. In its first year, the not-so-fancy new website generated a number of clients.

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