Having spoken to many family business owners there is often an unwillingness to talk about the sale of the family firm. A sale, to anyone, in may eyes is seen as disloyal to the previous generations and going against the grain when it comes to the values that has brought the family and the business to where it is today.
However, there may well come a point when the current generation is looking to step down, one of life's unfortunate events happens, or there is simply no next generation to take over the business, that a sale may be a blessing. Funds generated from the sale can help to alleviate any financial needs of the current generation and also be invested to provide a pot for future generations too.
Families with a lot of emotional energy tied up in a family firm can find it incredibly difficult to let go but focusing on the future can help.
A good insight into some of the emotional issues around the sale of a family business, even if the price is right!
Many business owners assume that they’ll own their business until they die. Then reality gets in the way: Perhaps their health turns poor. Or they’re caught unaware by a big change in the industry. Or they require a big investment in technology to stay competitive but can’t raise the money single-handedly. That’s when a phone call from the right potential buyer can feel like a lifesaver.