Out of the Family
Ideally, this type of plan should be in place, along with the family succession plan, before you open your doors. Unfortunately, many family business owners do not heed this advice and only begin their plan with keeping the business in the family. Then, after the business has been in place for many years and the family does not want to take it over, the owners are left “holding the bag.” However, making preparations for selling your business as well as passing it on, allows you to operate your business to make it a worthwhile investment for a third-party buyer from the moment you open.
If you are in need of a succession plan for your family owned business that does and/or does not include family succession, contact the experts at Hubler for Business Families at (612) 375-0640.