Many business owners would like to see their children take ownership of the family business when they retire or die, but it can sometimes be complicated. Cases of business owners being so concerned about the future of the company that they even delay making vital...
You want your business to last as you pass it down to the next generation. It’s not just about your legacy—you know that the business can be a significant asset that provides income for your family for decades after you’re gone. As such, it’s important to identify...
When many people embark on business succession planning, they are thinking of the eventual outcome. Who will run the business when they decide to retire or when they pass away? How will the business be transferred to the next generation? What will the succession plan...
While you may have established your business and been key to its success, nobody can run a company forever. When it is time to step down, you want to make sure that the company continues according to your vision. This is where succession planning comes in. Choosing...
Roseville's retail industry is constantly evolving. As a long-standing store owner, you must plan for your business's future. While a will helps with estate planning, it's just the beginning of ensuring smooth transitions in the retail world. Effective succession...
For decades now, people have made the claim that most family businesses will not last through the third generation. This shows how challenging it can be to do business succession planning and pass a company down through the family line. By the time the grandchildren...
Many business owners assume that their children will want to take over the business. This may have been their dream from the very beginning. They’ve been building the company up so that they can give this valuable asset to the next generation and set their family up...
When it comes to business succession planning, business owners sometimes assume that they need to equally divide up ownership. For instance, you may be a business owner with four adult children. The business is one of the most expensive assets that you own, so you’re...
When it comes to ensuring the survival of a family business for future generations and preserving (or creating) generational wealth, the use of a family limited partnership (FLP) can offer some unique advantages. A family limited partnership is a business entity...
Family businesses are incredibly common. According to one report, almost 77% of small businesses can fit into this category. Even some major corporations have a single family at the top of the executive board, Wal-Mart, for instance, is owned by the Waltons. However,...