Planning for the future is one of the great challenges for family businesses. A business has been built up over possibly several previous generations of the family and has generally become the most valuable asset and source of income for the extended family. Each generation of family leaders then has to make the decision – do we retain the business and train up the next generation to take over and continue the legacy, break it up between different family members or groups or exit the business to enable the wealth to be diversified elsewhere? This is a once-in-a-generation opportunity to make sure the next move – succession or sale – is a success.
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