Retiring Is Tough for Many Company Founders Miami Herald Online (03/17/03) p.A3; Hinden, Stan
Small business founders are struggling to determine what to do with their businesses when they retire, especially if they want the business to remain successful. Founders can sell their business or turn it over to their children, but many ask how they can get the full value from their business through a corporate sale. Some have developed a gradual plan that entails the training of a successor who will eventually run the business on their own within a short time frame--usually about five years, but others are seeking buyers. The debate rages among founders whether to sell to an outsider or an insider, but depending on the culture of the company, either choice could be a good one. Insiders tend to keep the current goals of the exiting CEO, while outsiders will often want to bring in their own ideas and strategies.