Irrespective of the outcome in the future of your personal and family business plan. it is important to plan and communicate as early as possible to manage all of the eventualities.
Don't leave it too late and as a result limit the options as there could be significant financial consequences and again, don't make assumptions or take anything for granted when it comes the wants and desires of the next generation.
Plan early and make the vision become a reality.
An exit strategy is how entrepreneurs and investors transfer ownership of their business to a third party, or lays out how they will recoup money invested in the business. You may want to be acquired by another company, do an initial public offering (IPO), sell to employees or keep the business in the family. For many of you, the plan is simply to liquidate the company or close its doors.