Transitioning Your Family Business to the Next Generation

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You spent your life building a successful business, and you don’t want to see that wealth disappear with your death or retirement. But transitioning a family business to a new generation can be a difficult process. Many attempts at this transition fail, so if you want to keep the company in the family, you need to have an open conversation with your heirs to help them understand your desires and to make sure that one of them wants to continue running the business. Here are some steps you can tak...