Family management succession or ownership continuity may not be realistic. In these circumstances, or if the family has no desire to carry on, selling the business may be the right decision. Selling may also be appropriate because of external pressures – for example, structural changes in the firm’s market, or receiving a very high-value offer.
Selling is likely to be a painful wrench. Building a family business involves investing money, time and energy, but for most owners there’s also a big emotional attachment, the true extent of which may only become apparent when considering a sale, or after the disposal. Families often experience “seller’s remorse”. Nevertheless, family leaders who hold on to ownership for emotional rather than commercial reasons risk running into trouble.
This guide offers insight and practical advice to family business owners considering the option of putting the family business up for sale.
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To access the full range of Research Foundation Challenger Guides please visit https://www.fbrf.org.uk/family-business-challenges