The Hows and Whys of Selling a Family Business

Gary Laitner, partner in Faegre Baker Daniels' corporate practice, wrote an article published on growthbusiness.co.uk about selling the family business. Laitner explained that many factors can compel a business owner to sell, including the lack of a successor, family friction stifling progress, or the inability to finance the business' growth. Laitner provided recommendations for those considering selling their family business.

Among other tips, Laitner explained the importance of good timing in such a sale.

"Don't wait until you are near retirement, under extreme competitive pressure or in financial difficulties," he said. "Try to time the sale so you exit in a benign economic environment when there is generally more appetite from purchasers."