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 they so choose. All of this is true in
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. Succession planning can be an important part of your executive responsibilities. Creating a succession plan could
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 over the years. Moreover, you care about the business
When you get divorced, you know well that marital assets must be split. There are plenty of things that you and your spouse shared, such as homes, cars, furnishings and basic income. These are going to get divided between the two of you. That said, there are also plenty of things that you consider your own. Gifts tend to fall
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 they would have a stable income. Unfortunately, the statistics show that this does not
Many people who own businesses would like to pass their companies on to their children. When making a business succession plan, they assume that means all of their children should get an equal share. You can do this if you’d like, but it certainly isn’t a requirement. You must decide what is best for your family and for the business
Whether you are ready to retire or simply want to move on to something new, you may want to sell your business. As the owner, you might hope to sell it to a family member or business partner. You could also have an outside investor who wants to take over your already successful company. One of the things you can
You’re approaching or are already into your golden years. The time has come for you to retire. Yet, you hesitate because you worry about the fate of your business. Your company has provided a good living for your employees who have become your second family. You worry about them if you sell the company. You also worry about the needs of
Recently in our blog, we talked about business partnerships between siblings. As a follow-up to that post, we wanted to discuss business partnerships between parents and their adult children, too. Many who own and operate companies in the Northeast (Massachusetts and New Hampshire, for example) want to have their children take over at some point. In some cases, parents assume
If you own a family business and you’re leaving it to your children through a succession plan, you’re essentially just telling your children that they are going to become business partners. Is this actually going to work, or can it create some issues for the business? Success is possible History tells us that success is certainly possible. The Wright brothers famously invented
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 they so choose. All of this is true in
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. Succession planning can be an important part of your executive responsibilities. Creating a succession plan could
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 over the years. Moreover, you care about the business
When you get divorced, you know well that marital assets must be split. There are plenty of things that you and your spouse shared, such as homes, cars, furnishings and basic income. These are going to get divided between the two of you. That said, there are also plenty of things that you consider your own. Gifts tend to fall
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 they would have a stable income. Unfortunately, the statistics show that this does not
Many people who own businesses would like to pass their companies on to their children. When making a business succession plan, they assume that means all of their children should get an equal share. You can do this if you’d like, but it certainly isn’t a requirement. You must decide what is best for your family and for the business
Whether you are ready to retire or simply want to move on to something new, you may want to sell your business. As the owner, you might hope to sell it to a family member or business partner. You could also have an outside investor who wants to take over your already successful company. One of the things you can
You’re approaching or are already into your golden years. The time has come for you to retire. Yet, you hesitate because you worry about the fate of your business. Your company has provided a good living for your employees who have become your second family. You worry about them if you sell the company. You also worry about the needs of
Recently in our blog, we talked about business partnerships between siblings. As a follow-up to that post, we wanted to discuss business partnerships between parents and their adult children, too. Many who own and operate companies in the Northeast (Massachusetts and New Hampshire, for example) want to have their children take over at some point. In some cases, parents assume
If you own a family business and you’re leaving it to your children through a succession plan, you’re essentially just telling your children that they are going to become business partners. Is this actually going to work, or can it create some issues for the business? Success is possible History tells us that success is certainly possible. The Wright brothers famously invented
