For businesses with family members involved (and continuing to expect a paycheck from the business), build the business with the end in mind and, over time, acquire a knowledgeable team of advisers who know your business and can assist in a transition even if it comes quickly without the learning curve a new accountant or lawyer would have.
Family Owned Business Tip
Entrepreneurs often start businesses with or are later joined by family members. This can raise special challenges when the entrepreneur plans to exit the business, either as a planned retirement or sale or as an unexpected transition (death or illness). This, in turn, raises concerns for potential investors.