Family-owned businesses are as individual as the families that own them. Planning
for a family business exit or transition should be determined by you, not by
circumstance. What is different about family business is the many varied dynamics
that may be in motion. Family members working in a business together have many
different roles to play such as:
- Family Membership
It is where these roles overlap that potential conflict and challenge can occur. Exit Planning for Family Businesses helps clarify roles and creates the infrastructure for effective value-enhancing transfer of control and ownership.
The "What Ifs" for a family business owner:
What if I don't want to do this anymore? What happens next?
- What if something happens to me—if I die too soon or become disabled?
- What if my key employee (family successor) leaves?
- What if family conflict over ownership or control erupts and threatens
- What if my financial needs from the business conflict or
interfere with a smooth transition?