I Want My Kids to Take Over the Business. But They Can't Afford It.

What happens when you want your kids to take over the family business but they can't afford to buy it? Selling a family business to the next generation isn't as simple as naming a price and handing over the keys. The owner still needs to get paid, the next generation needs to be ready to lead, and the business needs to remain profitable throughout the transition. In this episode, Dominic Rubino sits down with business exit expert Greg De Simone to unpack practical ways owners can structure a family business transition. Greg explains how seller notes can work, why they can create risk for both generations, and how performance-based ownership can provide another path when the next generation doesn't have enough capital to purchase the business outright. They also discuss: • How long a family business transition can take • Seller financing and seller notes • Performance-based ownership structures • Transitioning operational and strategic control over time • What happens if the next generation underperforms • Why owner dependency can reduce business value • How key employees can help or hurt a business sale • Why documented systems and processes matter • Teaching future owners how to solve problems instead of simply follow orders • Using financial data to make better business decisions • Preparing your company to operate without you For cabinet makers, millworkers, cabinet shop owners, and other trades business owners, this episode raises an important question: Are you building a business your kids can actually take over and one that can still pay you for everything you built? If passing your business to the next generation is part of your future, start planning before you're ready to leave. More about Greg De Simone: LinkedIn: https://www.linkedin.com/in/gregorydesimone LinkedIn company: https://www.linkedin.com/company/catapultadvisorygroup Website: https://catapultadvisorygroup.com/ Youtube: https://www.youtube.com/@DeSimoneOnDeals X: https://x.com/gregdesimone Also check out: Cabinet Maker Profit System: https://www.cabinetmakerprofitsystem.com Profit Toolbelt: https://www.profittoolbelt.com/ Contractor Wealth System: https://www.contractorwealthsystem.com/ DON'T FORGET TO SUBSCRIBE: @Cabinetmakerprofitsystemcom @profittoolbelt4527 #CabinetMakerProfitSystem #ProfitToolBelt #DominicRubino #CabinetMaker #CabinetShop #ArchitecturalMillwork #Millwork #Woodwork #WoodworkingBusiness #BusinessOwner #Entrepreneur #Leadership #TeamLeadership #BusinessSystems #BusinessFinance #Profitability #CashFlow #JobCosting #Efficiency #ShopManagement #ManufacturingLeadership #ContinuousImprovement #LeanManufacturing #ContractorBusiness #ConstructionBusiness #Estimating #AWI #AWMAC #NKBA #CMA #GregDeSimone #Profit