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NEW YORK (AP) — As small business owners contemplate retirement, many are thrilled to have the chance to teach their children or other relatives how to run their companies.
There's plenty of opportunity for that to happen — the government estimates that nearly a fifth of U.S. companies are family owned.
At some businesses, especially those that have been in a family for generations, children start learning some of the nuts and bolts while on vacation from school.
But owners looking to pass a company to their children or other young relatives find themselves doing much more intensive training.
They include their heirs apparent in key decisions and entrust them with major projects. The savviest owners learn some things themselves — they listen to and embrace the different ideas and perspectives their children bring.
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