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