Many people like the idea of a son, daughter, or other family member, taking over the business when they retire, but they need to think carefully about this approach. There is often a balance to be found between helping out the next generation and passing on the “family jewels” to them, and providing sufficiently for the founders of a family business to enjoy a comfortable retirement and benefit from the fruits of all their hard work. However, several key questions need to be asked before handing over the family business.
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