BUSINESS SUCCESSION PLANNING

Family businesses that were painstakingly built over the years need to have a sound legal plan for their transfer to the next generation.  A recent study reveals an alarming statistic: nearly one-third of family businesses do not successfully make the transition to the second generation.  Family disputes are common, and settling them legally is not an available option in most scenarios.  Identifying the correct individual or individuals to entrust with assuming the reins of a business, and implementing an equitable transition vis-à-vis other family members (who may not be involved in the day-to-day operations of the business), needs to be done with the guidance of an experienced and knowledgeable law firm.