Tips for Transitioning From a Family Business to Retirement

Before you even begin to think about retiring, you need to be sure that you have a good plan for retirement. Shutterstock

A family business often operates quite differently from a traditional one. People in the family grow up working in the company and grow and mature along with it.

Such a trajectory can make it hard to break from the path because parents or grandparents always tell the family what to do and how to do it. It can make it harder for the elders to leave and relinquish power to a younger generation, but it will need to happen eventually.

Be Careful When Choosing Partners

Making your siblings or relatives partners can be great—for a while. Sooner or later, there will be an argument about the direction the business should go, and then the enjoyment of having your own business is gone. It can eventually destroy the company as those under you and your partner may develop loyalties to one or the other.