Entrepreneur Plus - Short White
For Subscribers

Selling the Family Business Is it time for the family and the business to go their separate ways?

By Patricia Schiff Estess

Opinions expressed by Entrepreneur contributors are their own.

What happens when a likely buyer offering big money approaches a family business? It's occurring more and more frequently these days because consolidators see great potential in buying up companies in industries where family businesses prevail.

Family businesses are sometimes so tempted by the initial offer, they look only at the traditional financial reasons why the sale makes good sense. The problem is, if you and your relatives share values, an awareness of the legacy of the business and common hopes for the future, then business motivations aren't the only reasons to think twice about selling the company, says Richard L. Narva of Genus Resources Inc., a family business consulting firm in Needham, Massachusetts.

Memorial Day Sale - Save 20%! Unlock this premium article & so much more with Entrepreneur+

Join the internet’s leading entrepreneur community with our Memorial Day sale! With your subscription, you'll get:

  • Digestible insight on how to be a better entrepreneur and leader
  • Lessons for starting and growing a business from our expert network of CEOs and founders
  • Meaningful content to help you make sharper decisions
  • Business and life hacks to help you stay ahead of the curve

Use code SAVE20 at checkout.

Editor's Pick

A Leader's Most Powerful Tool Is Executive Capital. Here's What It Is — and How to Earn It.
Lock
One Man's Casual Side Hustle Became an International Phenomenon — And It's on Track to See $15 Million in Revenue This Year
Lock
3 Reasons to Keep Posting on LinkedIn, Even If Nobody Is Engaging With You
Why a Strong Chief Financial Officer Is Crucial for Your Franchise — and What to Look for When Hiring One
Business News

Bankrupt Wine Company Owes Millions In Bottles, Customers Left Wondering What Went Wrong and Where the Wine Went

Underground Cellar aimed to revolutionize how wine enthusiasts purchased and stored wine. However, the company's abrupt shutdown has customers seething with questions — and anger — about millions of dollars owed in wine.

Business News

The Virgin Islands Want to Serve Elon Musk a Subpoena, But They Can't Find Him

Government officials would like to talk to Tesla's owner as part of an investigation into the Jeffrey Epstein case.

Starting a Business

5 Tips For Launching a Business While Keeping Your Day Job

Launching a business while holding down a 9-to-5 is no small feat. It's a common path for aspiring entrepreneurs, but it's not without its challenges.

Growing a Business

The Best Way to Run a Business Meeting

All too often, meetings run longer than they should and fail to keep attendees engaged. Here's how to run a meeting the right way.

Fundraising

Working Remote? These Are the Biggest Dos and Don'ts of Video Conferencing

As more and more businesses go remote, these are ways to be more effective and efficient on conference calls.

Growing a Business

This Stock Screener is on Sale for Memorial Day

invest while mitigating risk with this top-rated stock screening app.