Family business transfer involves multiple steps

Successfully completing a business transfer is often more difficult than building the business itself, whether the company is sold outside the family or ownership is transferred to a new generation of family members. The business leader can either control the transition or be controlled by the situation.

A successful transition of a family-owned business requires a multi-step process. Planning must begin years in advance. The steps detailed here will give the business managers and the family owners time to understand their true goals and to implement the systems that will best serve them.

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.