Passing On Your Business

The Capital:

Karen Daley follows her gut instincts when it comes to business decisions.

Her daughter-in-law Carolyn Broseker is a 32-year-old lawyer who prefers a more structured approach.

Their styles couldn’t be more different.

But together, Homeland Title in Severna Park has expanded to handle 1,000 settlements annually throughout the state.

Now, as Ms. Daley eases into retirement, the two women face one of the hardest decisions a business can face: Passing a company from one generation to the next.

“Carolyn is not ready for me to just walk out the door and I’m not ready for that either,” said Ms. Daley, who started the title company from scratch in 1994.

Passing on a family business has become increasingly difficult, in part because of the generational difference in values, said Tina Corner, owner of the Annapolis franchise of The Alternative Board, a Colorado-based company that puts together advisory boards for companies such as Homeland Title.

She offered up ways to ease the process.

Have a transition plan

Keep the elders involved

Don’t set a leave date

Learning comes first