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Why You Should Start Preparing Your Ultimate Exit Strategy Now

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This story appears in the September 2013 issue of Entrepreneur. Subscribe »

When my father died from a long bout with cancer 10 days before his 50th birthday, he left behind a decade-old family business. "This company is my legacy," he told me a week before his death. "If you boys are careful, it'll support the family for years to come. It'll be like the goose that laid golden eggs."

Because my father planned ahead--in his will, he left 10 percent of the company to each of his three sons and one cousin, and 60 percent to his wife--the process of passing the business from one generation to the next went smoothly. Well, sort of.

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