You’ve always been an independent person, and your kids are pretty much the same. You accepted that your dreams may not be their dreams – and that includes your plans for (what is currently) the “family business.” Now, however, at least one of your children has expressed an interest in joining your team. On one hand, you’re delighted at the

You’ve been in business for a long time now. In fact, you’re getting closer to retirement each day. This has encouraged you to think about what will happen to your company once you are no longer around to run it. One option at your disposal is to bring in your family members and train them for the succession. Is this

There are numerous forms and structures that your business can take. For instance, in the beginning, you may start out as a sole proprietorship. As your company grows and you start to realize that you can make a permanent living from it, then it’s likely you’ll need to adjust its structure. You’re also going to need more people behind you.

Business succession planning is something that you certainly don’t want to put off. If you don’t start thinking about it until shortly before you’re planning to pass the business on, there could be a lot of complications. Things may not go as smoothly as you wish. This can be a major negative factor for the business and the person you’re

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 that they’re giving to ensure their children have an excellent standard of living moving forward. But

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 portion to each one of them. Three children would split that business

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 wish. Sooner or later, you must consider having someone take the reins when you decide

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 now in your late sixties and you’re thinking about retiring.

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 business. If you want your business to continue even after you retire both to support those loyal workers and

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 will not always be here. You might intend to retire from