If you’re the head of a family-owned business, you might dream of your children or grandchildren someday taking over. However, if your child or relative doesn’t feel called to work in the family business, you should respect their decision. No matter how much you love your business, it’s important to remember why you started it in the first place. If the company isn’t fulfilling your purpose anymore, consider making a change.
As a result, some families decide to sell their business. Whether you’re thinking of selling your business or passing it down to another generation, it’s essential to plan ahead and make sure you have an exit strategy.
Having an exit strategy will allow you to focus on what’s most important to you and your family, which will ultimately lead to more success. In order to successfully transition a family business into a new ownership group, you’ll need to understand your Stage of Business. Then, you’ll be able to determine the best solution for your family’s needs.
Currently, all four seasons of the The Family Business are available to stream on Netflix. Created by Carl Weber and based on his bestselling crime drama books, the series follows an upstanding family who runs a exotic car dealership by day but leads a dangerous secret life by night. The show stars Ernie Hudson, Valarie Pettiford, Darrin DeWitt Henson, Armand Assante, Javicia Leslie, Sean Ringgold, Tami Roman, KJ Smith and Miguel A. Nunez Jr.