U.S. companies are on pace to buy back over $1.1 trillion of their own stock in 2025 — an all-time high. For public companies, the logic is straightforward: reducing the number of shares outstanding can boost earnings per share and, presumably, the company’s stock price. Family businesses are much less likely to use share repurchases in the same way. In this week’s post, we cover how family businesses are more likely to use share redemptions as motivated by shareholder concerns: liquidity needs, diversification preferences, or a desire to no longer be in business with the rest of the family.