For nearly 30 years, our family had been asking for a frontage road in front of our store. It was a game-changer, something that would make it easier for customers to visit us. So, when we finally got the news that the road was coming, we celebrated… and then we panicked.

When we sold our business, we thought we had everything covered: contracts, inventory, financials. But one thing we didn’t consider? A social media transition plan. So, when the new owners asked for admin rights to our social media pages, I wasn’t prepared.

Most business owners don’t think about exiting their business until they have to. In fact, research shows that only 20-30% of small business owners have a detailed exit plan in place. This lack of planning contributes to some staggering statistics: only 30% of small businesses successfully transition to a second generation, and while another 30% are sold, a whopping 70% simply close their doors.

Life Lessons from a Business Transition

Two years ago, we sold our family’s hardware store. A business we transformed and prepared for a successful exit. Here are three insights I’ve gained since selling the store…

Key considerations for transitioning your family business.

Are you overvaluing or undervaluing your business?