Choosing the right successor for your business is critical to ensuring its long-term success. While passing it to a family member might seem ideal, it’s essential to consider their readiness and skills. Alternatively, selling to your management team can offer continuity but might face financial hurdles. Selling to an external buyer could provide the highest financial gain and a clean break. Evaluate all options based on what’s best for you, your family, and the future of the business.

Lee faces the toughest decision of his career: pass the business to his capable management team, entrust it to his struggling son, or sell outright for a clean break. Each choice carries risks and rewards, but none feel perfect. As the clock ticks, Lee knows these decisions will shape his family, legacy, and future.

As an SME owner, you are mother, father, confessor, coach, mentor, disciplinarian and so much more.