Successfully operating a family business - and preparing to pass it on - may seem like separate issues. In reality, they are not. The strengths, skills and persistence that built a successful business can also help prepare that business for a successful transition. That is why it is difficult to watch the value of a family’s most significant asset evaporate for failure to “plan when you can.”
Once you have committed to identify your options, the next step to a successful transition is to identify your desired result. This may sound simple but it seems to be where most business owners stall because they can’t see how to get from where they are to where they want to be.