Is Family Business Succession a Family Affair or a Family Fiasco?
Summary
Karla Trotman, CEO of Electro Soft, Inc., a Black-owned electronics manufacturing company, shares her journey of leading her family's business through a complex succession process. Initially pursuing a corporate career, she later recognized the value of her parents' legacy and transitioned into leadership. Trotman emphasizes early succession planning, open communication, and professional guidance to ensure smooth transitions in family-owned businesses. She also highlights Black-owned enterprises' unique challenges, particularly in securing financing, and advocates for viewing these businesses as valuable assets for future opportunities.
Small Business Trends
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