When planning to sell your business, be sure to address your family issues

Selling a family business is an intense process that draws on the skills and experiences of everyone involved—the CEO, owners, management team and outside advisers. Combining family issues with business considerations further complicates the sale process. Understanding what the family business provides to each key family member and addressing these needs ahead of time is essential to getting the required buy-in from the family and, ultimately, the successful execution of a sale.

Several areas require careful consideration early on in the sale process: the reason why a sale is being considered, timing of the sale, educating family members on the sale process and preventing or resolving conflict.

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