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Knowledge Challenge
A friend thinks you can answer this question about Family Business Succession
A third-generation family business with 14 family shareholders, no family council, no ownership compact, and the founding patriarch's son as CEO faces a succession decision. The current CEO is 71. Two of his three children work in the business; six cousins also work in the business at varying levels. There is no defined process for selecting the next CEO. What is the highest-leverage intervention?