Brett shares five factors you should consider before transferring your hair salon business to a family member.
It might be hard to imagine, but family-owned businesses truly are the backbone of our American economy. Unfortunately, successfully transferring a family business to the next generation is often a challenge—despite the opportunity for ongoing job security and family legacy.
How’s this for a stat: Only 19% of family-owned businesses survived their first transition to a family member in the last five years, according to the Conway Center for Family Business.
So why in the world do I bring all of this up?
If you operate a family-owned hair salon, balancing your long-term objectives with family relationships can be really challenging when you get to the point of transferring the family business. And no matter how clear your documentation and open communication may be in making the transition easier, you’ll want to keep a few things in mind as you plan your succession.
So, in today’s episode, I’m going to share five factors you should consider before transferring your hair salon business to a family member.
[02:03] How ready are you to give up control of your hair salon business?
[03:36] How ready is the next generation to take over the family hair salon business?
[04:52] Why family dynamics matter when it comes to transferring your hair salon business to a family member.
[05:43] What’s your long-term vision for your hair salon?
[06:45] Does transferring your business to a family member align with your financial goals?
Looking for more tips on how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.