Family business sales can be emotional | The Retiring Boomer?

Between 80 and 90 percent of all U.S. companies are family businesses, according to the?Family Business Review. Over the course of the next decade, more than 40 percent of those companies? top executives will retire, making family business succession a major issue for thousands of enterprises and thousands of families.

With this massive change on the horizon, it?s safe to assume many of these companies will address succession by selling the family business or transitioning to the next generation. In addition, many family businesses contemplate a sale for myriad?other?reasons besides succession. Regardless of the motivation, selling may not be the right choice. And for those business owners who choose to sell, the process can be a source of great stress and family conflict.

Here are five questions to help your family-owned company navigate the prospect and process of selling.

1. Why are you considering a sale?

It?s important to identify the reasons?why?you want to sell the business, because the motivation for a sale can have a large impact on the best course of action to take. For instance, if there?s not another family member or generation in line to take over the business, then a sale may be the best way to monetize your asset. By contrast, market opportunities may be the driving force, making the urgency for a sale more present. Other criteria could include divorce, death, family members? seeking alternative career directions, or tax and estate planning considerations.??Continue reading??

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