My son has the charisma, my daughter the brains. Who should run the business?
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How do I decide? What is my business really worth? Should I keep it in the family or sell it? Who should buy it? What about the rest of the family? Who else might there be? What can be done to increase its value? What about tax? How will they pay for it? Can I afford to retire?
Few owners of businesses have written a succession plan. Mostly, it is a tangle of questions in their heads. Indecision over succession has destroyed many successful companies.