Sell or gift to the next generation?
In the constantly evolving world of family businesses, every generation needs to prepare for a smooth transfer. This article looks at important factors to consider when passing the business down to the next generation. It explores different ways to transfer ownership and leadership, like giving it as a gift, selling it, or using alternative methods. Succession planning requires a careful and inclusive approach that balances the business's history and maintaining family harmony. The information shared here provides family business owners with the necessary tools to navigate generational shifts while respecting the business's enduring essence.