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,...
Business succession can be a concerning issue, especially if you believe your adult child is not suited for your company. Surprisingly, a significant number of business owners are choosing not to include their children in business succession plans. Common reasons to...
Chances are you started preparing your children to take over the business from when they were young. Perhaps, you had them visit often to familiarize themselves with the business and have introduced them to managers and employees. However, when they are old enough,...
When it comes to business succession planning, it’s important to get started well in advance. This isn’t something you want to put off until you’re about to retire. Whether you’re leaving the company to an employee, an adult descendant or someone else entirely, you...
If you are going to be passing a family business on to the next generation, it’s important to do succession planning. Don’t just leave this up to chance. Take the time to carefully plan how you want to transfer ownership of your business, increasing the odds that...
A generation or two ago, when a business owner passed away, their heirs typically took over the company (for better or worse). And while it’s true that sometimes those scenarios still take place, many of today’s heirs have little interest in assuming the mantle of the...
Recently, we discussed some potential obstacles to consider when business succession planning involves family. Here, we’ll look at a couple of other issues to consider. Leaving the business to one or more people in the family has its advantages. One benefit is that...
Business succession planning is a lot like estate planning. The two are related in that you can address both issues at the same time and under the guidance of the same representative. Many business owners try to create a succession plan alone or delegate the task to...
You may have started your company with the vision of passing it on to your family members. Perhaps you even inherited the business from a family member yourself. In any case, passing the business on to future generations is possible, but it can be challenging....
Family limited partnership sounds like one of those dry, financial terms that make you think of dusty ledgers and boardroom tables. In reality, it’s a handy tool for families looking to keep their business and assets intact across generations, while steering clear of...