We’re down to the last three commonsense questions that have been developed by Thomas Deans, PhD, which are all around protecting your wealth and determining a solid exit strategy for your family business.
So, just to recap, these are questions to conduct between the business owner or parent and the child or successor in the family. Ideally, if you have more than one child in the family, it would be good to conduct these questions one at a time with each child, not as a group.
If you don’t have any relatives in the business, then you can use these questions with key employees, in which case the parent questions are for the business owner and the child questions are for the key employees. There are no wrong or right answers – these questions are simply about getting greater clarity between the generations and how and when the business will be sold.