How do you sell without hurting the family emotionally and vocationally? What steps will you take to protect relationships with family members as well as their livelihood?

Outgoing owners must agree with their successors on a well-defined transition plan and timeline for their departure as part of the transition plan.

A successor may not always jump at the opportunity to carry on the legacy of the business. When a successor declines the offer to own or manage the business, understanding their motivations is key to finding a solution that benefits all parties and the business.

Most family business preparation focuses on succession planning for the future. However, focus should be given to securing the current operations of the business via a continuity plan. It is more likely that a business runs into trouble because the owner becomes incapacitated before the business reaches the point of a natural succession transition.