A business plan and a transition plan can help your successfully transfer the business. If you are relying on a set income from the store, it is important to identify the role you will play in ensuring you receive it, and to have a contingency plan if it is not able to meet the goals.
Protecting the business against inter-family disputes should be discussed with a lawyer prior to transfer. Divorce, death, and changes in income can lead to problems between family members.
Ensure the person who is taking over the keys to the family store has the knowledge they need to operate it. If this person has not been active in all aspects of the business, they will require training. You will want to begin this process at least six months to a year prior to transferring the business.
Discuss with all family members what each person's role, if any, will be in the business throughout the succession, and after, if you are keeping a portion of ownership.
Create a succession timeline and plan based on both of your needs. Some owners prefer a gradual turnover, while others do so all at once.
Accept that some things with the business will change. New products and technology are changing the way businesses operate and a fresh set of eyes may identify areas that are currently not performing as well as they should. Encourage your family to put their own personal stamp on the store.
We at the Chamber encourage all stores and family businesses to use our resources to increase their ability to be successful and continue to grow our community.