Once a plan has been devised between the stakeholders, there are many steps which must occur.  It is important that wills are updated to clearly stipulate the details of the plan.  
The plan should be shared with the accountants working with all involved family members so any necessary changes in the business' structure can be made and to be sure that all tax implications are understood and planned for throughout the process.  Finally, the family needs to work with their bank managers to come up with structures to transfer or restructure debt and assets according to the plan.  

This stage can be challenging for all involved.  It is hard to let go of control of a business which you have poured your heart and soul into for many years, even if it is to people you love.  Mistakes will happen as the next generation is learning the ropes.  However difficult it may be to see mistakes being made, it is important to allow the next generation the opportunity to make decisions as without experience, they will never learn what they need to successfully take over.  

Feel free to contact me if you would like to discuss your own business or success plan issues further.