In many cases, the family business can be a central part of a family’s identity. Indeed, for many business owner families, the business represents a way of life for all family members, particularly those involved in its day-to-day activities. But what happens to the family when the family business is sold?
Transitioning from a business owner family to a financial family may be challenging for the family and the former business owner. The entrepreneurial spirit, full of passion, creativity, big dreams, and willingness to take risks for the sake of common purposes, may be in danger of being quashed by apathy or lack of purpose.
Rather than being an emotional low point, the transition to financial family should be a time of reflection, planning, and commitment of the same energy and creativity to discerning a new purpose, one that can be fueled by the former business owner’s energy and by the newly acquired liquid assets and the possible benefit for the next generations.
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