Businesses that transition between generations are the exception, not the rule, and represent a declining trend.
Just because you have passion for your business does not mean your children have inherited the same enthusiasm. Never assume!
Communication between family members is crucial to ensure there is agreement on whether the next generation will or will not take over, and these conversations should be regular dinner table events by the time the children are teenagers.
A situation where the next generation will take over the business will require vastly different preparation than that required for a third party sale.
If you need support or advice regarding family business succession or sale to a third party, contact the experienced team at JPAbusiness for a confidential, obligation-free discussion.
James Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.