One of the most difficult things for a family owned business to do is transition to the next generation. And the more divided ownership becomes, with more members of the successor generation, the harder this is to accomplish.
The first generation is often comprised of Dad, and Dad alone. (Family-owned companies with multiple siblings/cousins as founders face the issues discussed below much faster, and often without time to plan.) When Dad ages, or as he starts to plan for retirement, the Estate Plan kicks in, and the company gets left to multiple children. » Read More
Is the Next Generation Ready to Take Over Your Business?
Having your child work in the family business that you helped grow from the ground up may be the thing you are most proud of, possibly in your entire life. Knowing your business will not die with you can be a truly liberating feeling. But when you do not own 100% of the company, and you have a business partner to answer to, that means that your child has to answer to him, as well. » Read More