Many business owners have a hard time imagining the business they built being owned and/or managed by someone other than their own family. This isn’t hard to understand, after all who else should own “your pride and joy” (business) other than, “your pride and joy” (children). Unfortunately, statistics don’t tell us that this is a good idea. Actually the statistics tell us that passing your family business down to your children or children’s children is usually a bad idea.

This is a common question among business owners, and the answer may be this year.