By: Patrick Ungashick
Passing your business down to a member of your family is one of four possible exit strategies. (Click here to review all four exit strategies and to determine which one is right for you). Being a "Passer," as we call owners with this strategy, involves a unique set of issues, such as making sure the successor children are ready to run the business by the time you want to leave. Also, Passers with some children working in the business and some who are not must figure out how to create a business exit that is fair to all of their children, without splitting up the business in an unworkable manner. Woven into these issues are family dynamics, relationships, and realities which can undermine the owner's successful business exit.
In our experience, there are seven conditions that Passers must meet in order to achieve a happy exit. Here is free checklist to guide you through these seven conditions. Use the checklist to evaluate how prepared you are, and to identify actions that will help you achieve a successful exit for you and your family.