Some generally recognized ways to transfer a family-owned business to family members are:

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Gifting or joint ownership allows for a gradual transfer of ownership and control to family members while minimizing tax burdens. It also ensures that the business remains within the family and maintains its legacy. Hiring the children as CEOs or selling to a third party may not guarantee the long-term success and continuation of the family-owned business. Closing the doors and walking away is not a viable option as it would result in the loss of the business and its value.

Some Generally Recognized Ways to Transfer a Family-Owned Business to Family