Avoid seller’s remorse when selling a business — to family

As a family business consultant, one of the most common issues I come across is the disappointment when a family business is transferred from parent to child, and the expectations are not met. This can happen for a number of reasons, from differences in generational values to differences in motivation. But the main cause is a lack of communication. In most cases, each party — parent and child — go into the succession process with either a different understanding about the correct approach for shifting leadership responsibilities, or about what the business should be and how it should be run. Too often these ideas are not discussed prior to the transition and inevitably cause both emotional and business stress for both parties.

Emotional fallout of unmet expectations