Business Succession

With many family businesses, from small local stores to multimillion-dollar corporations, the goal is for the parents to pass the business on to their children. They want their family to run their own business after they have passed away, and it's a major inheritance...

When you're doing your estate planning or business succession planning and trying to figure out what happens to the family business, you may want to leave the business to your children. If you have multiple children, your plan may be to split it up and give an equal...

Unfortunately, business succession is not a top concern for many business owners in Northeastern America. Owning a business is like raising a child—you never expect that your work will one day come to an end. Most people cannot work forever, even when that is their...

Ever since you started your own business, you hoped it would be a business that stayed in the family. You imagined leaving it to your children or having them come work with you. You thought they could take over and run the business when you were done. However, you are...

 Whether you inherited, purchased or started your company, you may derive personal pride and a sense of satisfaction from the company's success. You likely also feel a sense of responsibility to the employees who have committed their professional futures to your...

They say you are only as good as your last performance. When you run a business, that means that however great your reputation is now, it would not take much to lose it. All businesses need a succession plan regardless of size. You need to plan for the fact that you...

Family businesses are often thought of as the foundation of the American economy. The benefit of the system is said to be the fact that anyone can start a company and build it to the level of success they desire, and they can then leave that business to their heirs if...

Executives often work long hours and handle many matters simultaneously for the business that they help operate. Once you understand the demands of your position at a company, you are in a unique position to understand who else could do the same job that you do....

Part of your estate plan involves leaving the family business to your child. This is known as a succession plan. It’s very important to you because of the high value of the asset, the way you can provide a long-term career for your child and all you have put into it...

The idea behind a family business often involves passing it on to the next generation. The founder never intended it to be something that just benefited them personally, but hoped to give it to their heirs both so that they could keep growing the business and so that...