Deciding when to sell the family business is not a quick or easy task. To help frame the process, ask yourself the following questions to determine if the time is right to exit:
1. Have I identified–and adequately prepared–a successor?
From a financial perspective, your ability to profit from the business is dependent upon the successor. It is critical that she or he have the skills to succeed or your investment may be at risk. Without an appropriately capable successor, you may need to consider selling the business to an outside party.
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