Do you want to continue running your business till you die? Hopefully not! Selling the business (exit) is a widely discussed option but surely not the only one. I have sold 2 of my companies, but I often meet entrepreneurs who are not convinced of such a move. What options do they have? And how can they choose and decide on the option which is right for them? Quite often entrepreneurs are rather attracted by the vision of working less, and not being involved in the company business on a daily basis. It’s not about selling the business and cashing out, but rather on changing their lifestyle, reducing the level of stress, dedicating more time to other areas of life and hobbies.

Keeping the ownership and transferring the leadership of your company might be an interesting option. Hiring a CEO or Managing Director is not an easy task, though, and brings along a number of risks and challenges. How to execute it, avoid the threats and do it successfully? And what changes if the appointed CEO is actually your child or a close member of your family? Even though this may sound like a natural way to many, it can become even more tricky. I will share lessons from my professional career (positive and negative) as well as best practices that I confirmed are working well.

Host organization: Globalization and Localization Association