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

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The best option for transferring a family-owned business to family members is through a gifting program or joint ownership. This allows for a smooth transition of ownership and management to the next generation without the need for a third party or closure of the business. It also provides the opportunity for the current owner to maintain some control and involvement in the business while allowing the children to gain experience and knowledge over time.

Some Generally Recognized Ways to Transfer a Family Owned Business