Owning your own business can present so many benefits. And for many families that own businesses, that has meant a means to afford a better standard of living as well serve as the means to achieve personal and business goals.
Owners grow benefits for everyone by providing for the continued successful operation of their business beyond themselves. Basically providing for the successful transition of the business from one generation to the next. Successful transitions don't happen overnight. It takes planning and preparation. It takes time to prepare not just the next generation, but the business as well.
Studies have shown that there are four factors that significantly improve the success of generational transitions. They are:
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