{"id":560827,"date":"2015-03-18T20:30:13","date_gmt":"2015-03-19T00:30:13","guid":{"rendered":"https:\/\/vrbbd.wpengine.com\/vrbbgreenbay\/family-businesses\/"},"modified":"2022-01-31T12:43:57","modified_gmt":"2022-01-31T17:43:57","slug":"family-businesses","status":"publish","type":"post","link":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/family-businesses\/","title":{"rendered":"Family Businesses"},"content":{"rendered":"<p>A recent study revealed that only about 28 percent of family\u00a0businesses have developed a succession plan. Here are a few\u00a0tips for family-owned businesses to ponder when considering<br \/>\nselling the business:<\/p>\n<ul>\n<li>You may have to consider a lower price if maintaining jobs for\u00a0family members is important.<\/li>\n<li>Make sure that your legal and accounting representatives\u00a0have \u201cdeal\u201d experience. Too many times, the outside advisers\u00a0have been with the business since the beginning and just\u00a0are not \u201cdeal\u201d savvy.<\/li>\n<li>Keep in mind that family members who stay with the buyer(s)\u00a0will most likely have to answer to new management, an\u00a0outside board of directors and\/or outside investors.<\/li>\n<li>All family members involved either as employees and\/or\u00a0investors in the business must be in agreement regarding the\u00a0sale of the company. They must also be in agreement about\u00a0price and terms of the sale.<\/li>\n<li>Confidentiality in the sale of a family business is a must.<\/li>\n<li>Meetings should be held off-site and selling documentation\u00a0kept off-site, if possible.<\/li>\n<li>Family owners should appoint one member who can speak\u00a0for everyone. If family members have to be involved in all\u00a0decision-making, delays are often created, causing many\u00a0deals to fall apart.<\/li>\n<\/ul>\n<p>Many experts in family-owned businesses suggest that a\u00a0professional intermediary be engaged by the family to handle the\u00a0sale. Intermediaries are aware of the critical time element and\u00a0can help sellers locate experienced outside advisers. They can\u00a0also move the sales process along as quickly as possible and\u00a0assist in negotiations.<\/p>\n<p><strong>Keeping it\u00a0in the Family<\/strong><\/p>\n<p>It\u2019s hard to transfer a family business to a younger kin. Below are some statistics regarding family businesses.<\/p>\n<ul>\n<li>30% of family businesses pass to a second generation.<\/li>\n<li>10% of family businesses reach a third generation.<\/li>\n<li>40% to 60% of owners want to keep firms in their family.<\/li>\n<li>28% of family businesses have developed a succession\u00a0plan.<\/li>\n<li>80% to 95% of all businesses are family owned.<\/li>\n<\/ul>\n<h6 style=\"padding-left: 30px;\">Source: Ted Clark, Northeastern University Center for Family Business<\/h6>\n<p><em>\u00a9 Copyright 2015 <a href=\"https:\/\/wrightco.net\">Business Brokerage Press, Inc.<\/a><\/em><\/p>\n<p><em>Photo Credit: <a href=\"https:\/\/www.morguefile.com\/creative\/naomickellogg\">naomickellogg<\/a>\u00a0via <a href=\"https:\/\/www.morguefile.com\">morgueFile<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent study revealed that only about 28 percent of family\u00a0businesses have developed a succession plan. Here are a few\u00a0tips for family-owned businesses to ponder when considering selling the business: You may have to consider a lower price if maintaining jobs for\u00a0family members is important. Make sure that your legal and accounting representatives\u00a0have \u201cdeal\u201d experience. 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