The aim of this guide is to illustrate that an active and timely succession planning is necessary to preserve the legacy of family businesses. The book identifies pitfalls that an entrepreneur may encounter before the handover, as well as hurdles that may need to be overcome on the path to a successful generational transition. The three authors adopt an interdisciplinary approach, highlighting important psychological aspects in entrepreneurial families and addressing key questions in the areas of finance and law: Should the successor come from the family, from within the company—possibly through a management buyout—or be brought in from outside? Should the company remain in family ownership, be sold, gifted, leased, or transferred to a foundation? What tax considerations need to be taken into account? How can the old boss help the new one succeed?.