Family business succession succeeds when families start planning early, communicate openly, and balance family aspirations with professional business requirements.

Boards are creating bigger risks by defaulting to "safe" promotions instead of strategic succession planning.

Boards need directors with real executive talent expertise to drive competitive advantage in today's volatile business environment.

Board members can make effective CEOs, but boards must avoid treating this as an "easy solution" and ensure rigorous evaluation.

CEOs bring invaluable insights to succession planning, but boards must maintain final decision authority - early collaboration, not crisis management.