Family and closely held business represent the predominant form of business ownership around the world. In the next two decades, many of these businesses will transition ownership in what many feel will be the single largest transfer of wealth in history.
Many business owners did not start them with the idea that they would one day be in business with family members. Others hoped that family members would join the company only to be disappointed when other career paths were chosen. These situations and many others are indicative of the uniqueness of the family held firm but none carry more demands of the business owner than passing the business to the next generation.
Of all the decisions facing a business owner, nothing is more daunting than the subject of succession. Many business owners are approaching retirement age or have a desire to do something different but have inadequate plans for what’s next. Questions such as the following have not been fully explored or answered:

What is my business worth?
Are my children ready for leadership?
Will my key managers stay?
Who would be interested in buying my business?
When should I start making plans and who should help me?

Whether you have a well-thought out plan or you are just beginning to consider these issues, you can learn from what other strong family businesses have done to achieve success.