Many successful companies are family owned and run. And there's a good reason for it. It takes passion to run a profitable business -- especially a smaller one.
A family-owned company can benefit from the special dedication of a founder at the helm and possibly a spouse, siblings and children working alongside. But the devotion and dedication to the business also needs to apply to the company's succession plan.
Once you've worked to build a business, it's important to make sure your legacy is protected. A swift and seamless transition in ownership is one of the things to consider well before you choose to step down. But there's a critical question to ask yourself: Will family members be prepared to take the lead on the ownership team?
Here are some considerations when structuring a good succession plan for your family-owned business: