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...
As a business owner who is doing your succession planning, you may be thinking of leaving your company to all of your adult children. You think of your business as a legacy, and it also provides a significant amount of income. You want to pass the business to all of...
When someone owns a small business, they tend to serve as the heartbeat of their operations. They likely invest so much of their time and effort into the enterprise that it can be truly difficult for others to think of that endeavor carrying on without them. Yet, as...
While they may sound like completely different strategies for how you’ll deal with your business once you’re no longer in a position to run it, they’re not as separate as you’d imagine. They both put into action a plan for how you’ll move your business to someone...
Planning for every aspect of your business, from formation to growth, is crucial. However, you also need to plan how you will pass it down should you be unable to run it. And this does not necessarily mean when you die. Business succession planning is not only for...