Learn the Intricacies of Selling a Family Owned Business

Let’s face it, selling a family owned business can be both logistically and emotionally difficult. If you don’t have your team, books, or valuation prepared, your sale can grind to a halt. Likewise, if you’re not mentally prepared to let go of your business, no offer will seem fair. One of the first things you should ask yourself is what you hope to get out of selling your business. Do you want to ensure continuity for your employees? Is your goal to retire? Or are you hoping to fund a new venture?

On the statistics of selling a family owned business

On average, the lifespan of a family owned business is 24 years. Research indicates that only about 40% of family owned businesses transition into a second generation. And, of those, only about 13% are passed to a third generation. Because of this, it’s crucial to have a backup plan in case succession doesn’t work out.

On average, the lifespan of a family owned business is 24 years.

Plan, plan, and plan some more

If you’re planning to transition your business into a second – or third – generation, you should also have a secondary plan. If succession falls through, you don’t want to be stuck selling your business at the last minute. When you sell without a plan, your selling price is at the mercy of the market. You want time to find the right buyer, the right offer, and the right future for both you and your business.

Work with experts when selling a family owned business

When you work with an experienced business broker to sell your business, you’re positioning yourself for success. A broker can alleviate a lot of burdens by locating buyers, handling paperwork, and providing financing options. With their help, you won’t find yourself wasting time on unqualified – or financially questionable – offers.

Leveraging the expertise of a broker when selling a family owned business reduces stress and increases your chances of realizing a higher price. By assigning an accurate value to your business, a broker is better able to market it to potential buyers. Best of all, you can continue to operate your business while the logistics of the sale are managed in the background.

Still have questions or concerns about selling your business?

At Advanced Business Brokers, we know that selling a family business can be challenging. Many owners have worked their whole lives to build their businesses. And, while letting go can be difficult, it can also bring a flood of relief. So, if you’re interested in positioning yourself, your family, and your business for a bright future, reach out to us today to learn how we can help.

Work With An Experienced Business Broker

If you’re thinking about selling your business and don’t know where to start, consider speaking with our team here at Advanced Business Brokers. We specialize in brokering and advising exit plan strategies for various sizes/sectors of businesses.

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Dr. Mark Hagar

A lifelong resident of Fort Wayne, Indiana, Dr. Mark Hagar brings decades of hands-on experience in small business ownership, acquisitions, and turnarounds to his role as a business broker. Over his distinguished career, he has acquired and operated more than 20 companies and engineered over 50 successful turnarounds, giving him a uniquely practical understanding of what makes businesses succeed, and sell. His portfolio spans manufacturing, distribution, and service firms in industries including printing, education, military contracting, aerospace, and orthopedics. This diverse background enables him to identify value, anticipate buyer needs, and structure complex deals with confidence and precision.


Mark holds a Doctorate in Business Administration (DBA) from Cranfield University’s School of Management in Bedford, England—one of Europe’s leading business schools. His research on small business resilience and operational excellence has been recognized by the Small Business Institute (SBI), the United States Association for Small Business and Entrepreneurship (USASBE), and the International Council for Small Business (ICSB).


In addition to his business career, Dr. Hagar has served as a member of faculty at several institutions of higher education, including Holy Cross College (Notre Dame), Trine University, and the University of Saint Francis. He also hosted Your Business Matters, a small business–focused radio show and podcast for more than a decade and is the author of Small Fortunes – the Acquisition Entrepreneur’s Guide to Buying a Profitable Small Business.


A passionate advocate for entrepreneurs, Mark previously chaired the Indiana Leadership Council for the National Federation of Independent Business (NFIB), representing small business owners before state and federal legislators. He currently serves as President of the Allen County, Indiana Economic Development
Commission.


As a broker, Mark specializes in industrial, manufacturing, and distribution firms, with particular expertise in special situations, distressed assets, and complex transitions where experience, creativity and discretion are central to success.