The real discussion lies with the siblings. You must discuss (openly and honestly) who has the time, talent, desire and interest in succeeding your father. Leaving the decision to your father is unfair. The optimal approach is for the siblings to work together to create a managerial system. In this approach, the group will choose the most appropriate successor. The objective is for everyone to articulate his or her value as both a member of the family and as a member of the business. Siblings should be allowed to express their desire to grow into the shareholder and business-owner they can be. Once you build your team and design a succession plan, you can approach your father. At the end of the day, though time consuming and uncomfortable, this detailed planning increases the likelihood of the family business succeeding.
James M. Harris III, The Harris Group, Merrill Lynch, Albany, Ga.