Picture this scenario: A business owner has spent the last 20 years assuming that his children will take over the family business. But recently, it’s come to the business owner’s attention that none of his children have the desire or ability to do so. Now, he’s close to retirement without any options for his replacement.
This dilemma, which happens all too often, highlights how vital it is for family-owned businesses to have open and honest conversations about what will happen with the company when the founder eventually retires. [Read more…]