Preparing children emotionally for the transfer of ownership

There are two aspects to transferring a business to children. Of course, there’s the technical aspect: transferring ownership in a tax-efficient manner and as part of a business continuity plan. There’s also the emotional aspect: preparing your children for the wealth and responsibilities that come with this very special family asset.

I often find families have a harder time preparing for the emotional component, because there’s so much to consider in order to transfer a business successfully. It requires some deep introspection and conversations about your family values and long-term goals.

Already a subscriber? Sign In

About the Author(s)

Related Articles

KEEP IT IN THE FAMILY

The Family Business newsletter. Weekly insight for family business leaders and owners to improve their family dynamics and their businesses.