Opinions on inheriting family business?

So here's the situation: my parents run a small business and want to retire in the near future. The business is very successful and about 20 employees. My father has often hinted he wanted my brother and I to inherit the business as without my parents the business would cease to exist.

I have a decent career in IT but am struggling to break into management and don't have time or money to go MBA. I am interested in taking over but my experience in my fathers industry is limited to summer work when I was a student. Also my wife works in the office as accounting / file clerk.

What do you guys think? Anyone have a similar experience and have tips on the transition? Is it a bad idea?

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