So, you've identified one of your children as a future leader of your business. But what if you have other children that have decided to pursue different careers? How do you treat all of them fairly when transitioning to the next generation?

Here, we'll discuss strategies to gift stock to your children who are not part of the business.

You'll first need to contact an appraiser who specializes in business valuations. Based on different variables, the appraiser's report will show you 100 percent of your company's value and what a minority percentage is worth.

Since you may want to leave the majority of voting stock to children working in the company, the one child who's going to be president should have the lion's share. Children pursuing other careers can be gifted stock—usually less than 49 percent. You can gift non-voting shares to those children, too. Voting shares are worth more and non-voting shares are less valuable.

Distributing stock this way makes sense; the children working in the company and improving its bottom line should be rewarded more for their efforts. If you own a second company, which owns real estate, equipment or other assets for your business, the second entity can be used for gifting purposes to children outside the business, as well.

Stock redemption and real estate lease agreements with the operating company are important. For example, if you gift stock in the company that owns real estate—e.g., your warehouse or trucking company—to children not in the business, make sure there is a lease agreement with the operating company controlling rent payments. Establishing fair rent for assets one business is using from a sister company is important. Being fair with both entities also sets a good precedent for your children.

For this transition process, you should draft a stock redemption or buy-sell agreement. It controls company stock in myriad circumstances, including death, disability, divorce, bankruptcy, termination and retirement. This is also true for your other operating company. Besides, it's a good idea to update your valuation report every two to four years, as a company's stock value will change under different circumstances.

Here's one of many stock-gifting strategies for your children working outside the business: Gift 70 percent of the operating company to the children chosen to run the business after you retire, with the remaining 30 percent divided between the children not in the business. For the real estate holding company, just reverse the percentages above, giving the children working in the business 30 percent of that company's stock and gift the remaining 70 percent to children not in the business.

As the owner, you're probably concerned about protecting the company and its employees, as well as devising a comprehensive financial blueprint that is fair to your children. And don't forget about you and your spouse. Planning for retirement is important, and you should work with your accountant, attorney and financial advisor to draft those all-important documents to secure your income after you retire.