The Founder's Final Act

September 2025, Opinion: As they approach retirement, company founders face a critical choice: Who will own their business next? That decision will reverberate for years, affecting not only them and their family but all the people whose lives are touched by the company. Though it can cement or undo an entrepreneur’s legacy, many owners postpone or avoid making it. And down the road that can lead to enormous tax consequences, family infighting, and instability that disrupts or destroys the business. This article describes a structured process entrepreneurs can follow to choose the owner who will come after them, drawing on the experiences of the founders of Patagonia, John Lewis, Vanguard, Rolex, and more. The first step is to think about the outcomes you want for you, your family, your employees, your business partners, and your community and prioritize them. Next comes exploring the potential options: passing the business down to family members; taking it public or selling it to investors; turning it over to your employees or customers; or donating it to charity. These choices each have strengths and weaknesses, so you need to examine how they align with your priorities. Eventually you’ll have to pull the trigger, but first you should draft a detailed plan that you can adjust as needed.