Passing the Torch: Tips for Selling to a Family Member

By Laurel Carbonneau

Posted Mar 13, 2023

Like any business sale, selling to a family member is a major transaction and it’s essential to have a well-formulated plan for how the current owner will exit and the new owner will take over. This ensures both you and your relative are on the same page with each step of the process, provides a timeline for the succession and creates a smoother transition for everyone involved.


“Although it’s a transaction between family, there’s a lot of complicated issues at hand,” says Bob Savage, CFO, Drake Precision Dental Lab, Charlotte, NC, who is currently working with his father-in-law, Billy Drake, to iron out the details of their succession plan. “Family members sink so much of their lives and identities into the business and there’s a lot of emotion that can build up in the process of transferring it to the next generation.”


Here are three key steps to help make the sale of your business to a family member a smooth...

Please Log In or Sign Up (it's free) to read the rest of this article
About The Author

  • Laurel Carbonneau

    Associate Editor at LMT Communications, Inc. · Bethlehem, CT

    With an eye for detail and exceptional proofreading skills, Laurel, a 11-year veteran of LMT, edits numerous sections of the magazine, writes feature articles and is our editorial webmaster.

Please Log In or Sign Up to post to this article