succession process because it affects the endowment of managerial capabilities of the firm. If the succession process has been planned in advance, the incumbent and successor usually show higher levels of satisfaction. Particularly important is the incumbent’s willingness to step down. The incumbent gradually gives away his power to the successor. This happens step by step and may take several years. Eventually, the successor gains all the authority and influence while the incumbent steps down, leaves to company completely, or remains as an advisor (Sharma, Chrisman, & Chua, 2003; Handler, 1990). An international body called International Council for Family Business (ICFB) having professor Alain Ndedi as Board of Trustees chairman, is assisting worldwide the private sector and non for profit organisations (Universities, Foundations, etc) to develop effective and successful planning process. Success Successfully balancing the differing interests of family members and/or the interests of one or more family members on the one hand and the interests of the business on the other hand require the people involved to have the competencies, character and commitment to do this work. Family-owned companies present special challenges to those who run them. They can be quirky, developing unique cultures and procedures as they grow and mature. That is fine, as long as they continue to be managed by people who are steeped in the traditions, or at least able to adapt to them. Often family members can benefit from involving more than one professional advisor, each having the particular skill set needed by the family. Some of the skill sets that might be needed include communication, conflict resolution, family systems, finance, legal, accounting, insurance, investing, leadership development, management development, and strategic planning. Ownership in a family business will also show maturity of the business. If all the shares rest with one individual, a family business is still in its infant stage, even if the revenue is strong. Examples See also Bamboo network Nepotism Palace economy References Further reading Colli, Andrea. History of Family Business, 1850-2000 (Cambridge UP. 2003), comparative history. online Jennings, J.E., Eddleston, K.A., Jennings, P.D. & Sarathy, R. Firms within families : enterprising in diverse country contexts. Cheltenham, UK. 2015. ISBN 978-1-78254-652-8. OCLC 914255596 George, Joss. Family Business Advantages, Disadvantages, General Characteristics and the Three Circles. Collaborative Research Group Rose, Mary B. Family Business (1995), on UK Gersick, Kelin et al. Generation to Generation: Life Cycles of the Family Business (Harvard Business