Running a family business successfully means reaching the right balance between the needs of the business and those of your family. This can be particularly difficult when you're planning how the business will carry on after you step down from managing it.

Typically, when a business owner sells, the buyer will pay for the company upfront or in installments over a period of time. But when a family member buys a business, money tends not to change hands right away.

Generally, the children will pay the purchase price over a number of years out of the cash flow of the business. It could be three years, or a lot longer—depending on company cash flows and the financial situation of the parents.

During this time, would you still be involved in the business? Who would be the decision-maker?

Our advice? Employ professionals to negotiate and structure the sale. Selling a family business is a complex exercise, usually taking at least six months, and often longer. Highly technical stages include preparing the company for a sale, tax planning, valuing and marketing the business, negotiating price and other terms (like vendor warranties and indemnities), performing due diligence, and closing the transaction

The first step is to download or buy a copy of our Exit The Family Business book - 'How to transform your business built for lifestyle to one built for sale' - which happens to be a best-seller on Amazon. The book can literally become your bible to selling a business successfully from start to finish.