Business succession is one of the most complicated subjects that all privately held business owners are eventually faced with.
Business owners do not want to give up control. I recently heard a great comment from a former business owner, who finally at age 85 decided to sell to an unrelated third party: “I should have sold 15 years earlier!” In this business owner’s family, no one was interested in going into the business. But it is much more complicated when family is involved versus not. Either way, there are many reasons to wait. There are also many reasons to act expeditiously.
Below are some issues and approaches to consider when dealing with business succession. Your accountant or tax advisor and lawyer should be consulted before any strategies are implemented.