Handing over a business that's become an extension of yourself--even if you're passing it to a family member who's competent, experienced and respected--is heart-wrenching for many entrepreneurs.
Some founders just can't do it--even when they know they've become less effective than the succeeding generation. Others transition easily and look forward to leaving daily aggravations behind in pursuit of those interests they shelved during the frenetic early years of running their company. Either way, the heads of most family businesses want to stay connected to the business in some form. Many entrepreneurs achieve this through a consulting arrangement.
Patricia Schiff Estess writes family business histories and is the author of two books: Managing Alternative Work Arrangements (Crisp Publishing) and Money Advice for Your Successful Remarriage (Betterway Press).