Family business transfer

There are many important issues involved in successfully transferring business ownership within the family. The general categories of issues that you'll need to consider include:

Personal issues: Parents giving up control (usually a big challenge), the child's capabilities (or lack thereof - many children just don't share their parent's particular skills and interests), and the interests of multiple children and other heirs.

Strategic issues: Transition timing (the parent may not be ready when the child is), business vision (many times a child wants to prematurely put their own vision on the business), and transition planning.

Financial issues: Lack of independent money for buyout, process of ownership transfer, and estate and tax planning.