How Do I Pass the Family Business to the Next Generation?

If the time has come for you to transfer the family business into the hands of the younger generation, you can reduce the likelihood of conflict by meeting the subject head on and telling everyone how you've arrived at your decision. This should be a business decision, first and foremost.

Make sure the family member you plan to pass the reins to is both willing and capable of running the business. Finally, understand that generational differences are common, and if you need to stick around in a part-time fashion to present your heir apparent to existing clientele, it may be just what's needed to ensure the business's survival.

For more on exiting a business, be sure to read Should You Develop a Business Exit Strategy?