So, what are your choices?
One is to pass the business to children or other family members. Or, you may want to sell the company. You could choose to liquidate it and sell the business assets. Or, in the worst-case scenario, you could end up filing for bankruptcy to deal with substantial debt.
As you plan your strategy, consider how what you plan to do tomorrow affects your business today. For instance, you may want to hand the company off to a family member, but is that person qualified? Does she need training? Does he have the interests and innate abilities to be successful? Will you truly be able to hand the reins over to someone in the family without feeling as if you need to maintain some control?
If your plan is to sell the company, you will want to take steps to constantly enhance the value of the company in terms of facilities, assets and networks. Selling to a partner or even a competitor who already has systems in place might mean you want to put your investment in product lines and increasing the customer base.next 