1. SMALL BUSINESS MANAGEMENT Chapter 15 Managing the Transfer of the Business costco Iceberg wars Horse battle Brand me

2. Managing the Transfer of the Business  Long Range Planning  Alternative Outcomes for the Business transferring ownership to heirs selling the business to outsiders closing down the business or declaring bankruptcy

3. Transferring Ownership to Heirs u Potential Problems in a Family Business high emotional level blurring of roles incompetence non-family employee attitudes objectives of family owners

4. Planning for Succession Keeping Communication Lines Open Tax and Legal Implications of Transferring the Business to Family Members Methods of Transferring the Business to Family Members tthrough a will,purchase and sale, gifting program, life estate, joint ownership

5. Principles of Success for Family Businesses  Recognize the Importance of Objectivity  Create Clear Role Structures  Ensure Competence  Provide Incentives for Non-Family Employees  Clarify Objectives of Family Owners

6. Selling the Business to Outsiders  Going Public  Private Placement

7. Closing Down or Going Bankrupt  Closing Down  Business Bankruptcy