Tag: business succession
The Importance of Business Succession Planning
Posted on March 4, 2021
If you are a business owner, you probably have an idea of what your company will look like in five years. But, what about in 10 years or 20 years? Will you still be in charge of the day-to-day operations or will you have handed the reins over to a successor—possibly even your own child or another member of your family. Assuming that you do not sell or close your business, you will, at some point, need to consider who you want stepping into your shoes as driving force behind […]
What You Should Know About Training Your Successor
Posted on December 2, 2020
If you are reading this as a business owner, I want you to take a moment to think about what your company will look like in 20 years. Are you still in charge or has control of your business been passed down to a family member or other successor? Maybe you have sold the company entirely and walked away with a substantial profit that will provide a solid foundation for your retirement. Whatever you see as the best possible future for your business requires careful consideration and planning, but with […]
Important Considerations for Choosing Your Successor
Posted on October 13, 2020
Family-owned businesses represent a significant portion of the American economy and are a proud tradition for many families. According to national estimates, family-owned companies comprise 90 percent of businesses nationwide and are responsible for more than 60 percent of the jobs in this country. As a business law attorney, I have helped many business owners, and I am familiar with the challenges that family businesses face. Among the toughest is planning for the future of the business, especially across generational lines. Selecting the right family member to step in as […]
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