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Commercial Banking > Business Succession > Consider Your Exit Options > Transfer the Business to a Family Member

Transfer the Business to a Family Member

Start Holding Family Meetings Early

Family meetings are an ideal opportunity to start discussing business succession. These sessions can help create trust and understanding around estate planning, retirement and wealth management issues.

A family meeting is an opportunity to discuss:

  • retirement options with your family, even if you don’t have a successor in line or in mind
  • whether you should keep the business in the family
  • what is needed to grow new leaders, inside and outside the family business
  • alternative exit strategies for your family-owned business
 

Some Questions To Consider

  • Are there one or more family members who want to take over the business?
  • Does the family successor have the skills to operate the business and guarantee your retirement income and return on investment?
  • What qualifications, skill-sets and training would they need in order to succeed?
  • How would employees, suppliers and customers react to a family-based succession?
  • What is the most tax-efficient way to pass ownership to family members?
  • How will this succession option impact the rest of the family?