Many small to mid-size meat & provisions businesses are family-run, second-generation businesses, with some who have beaten the odds and carried into a 3rd or 4th generation. Not a small feat to accomplish, and many would say the climb to get there was challenging, but with proper planning, it can be done. For those aspiring to pass their family-run businesses to the 3rd and 4th tier, do you know how to get there?
First and foremost, as a business owner you must clearly understand the need to begin planning sooner rather than later and fully comprehend that business exit planning is about the process, not the transaction, and is a positive experience. Now is the time to start thinking about transitioning your business and begin sitting down with your family members to start the conversation.