Challenging topic:
• Blood – part of who you are, your heirs/beneficiaries, keep *my* family business a family business.
o Business as Part of the Family:
 The care and preservation are more important than any one generation.

• Competency – ability to take rolls that are there and ensure they function properly.
o Specific types of knowledge, or capabilities

Options differ for larger organizations.

• Larger Organization:
o multi store operation, larger staff of people, greater financial needs, more complex,
office off-site
o If the owner attempts to do it all, things will suffer.
-Puppeteer vs the puppet
o Larger organizations all started as smaller organizations/one store operations.

• If you are plenty busy behind the scenes (i.e. working primarily in the office, not in store), the
resources look different than a small organization.

• Where does competency & blood come in?
o Still need the same things as the smaller organizations (more than ever); desire/drive,
requires real competency, want to be there…
- Larger organizations have the ability to have resources around to take over the
areas that are not your strengths.
> Opening a spot for someone else to be good at what they’re good at,
and you can excel at your own strengths.

• Must be honest with yourself and your successors about what roles they are capable of
assuming in the family business.

One store operation:
o Do I have a separate office? Probably not.
o Office is likely at the store.
o Acting as more of a store manager… (But also HR, CFO, CEO, and so on)

Example: When you want to keep the store in the family and avoid selling

-"I want my son/daughter to take over the business."
>Are they teachable?
>Do they have a passion for the business?
>Can they do what you are doing?

Needs Analysis is an important part of selling to an outsider, or passing the business to the next generation.

Have you considered seller financing as an option to fund your retirement?

What is your business worth and can it meet your retirement needs?