Family Owned Businesses and Succession Plans

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Let's talk about family owned businesses and succession plans. You've had the discussion with your family members, but you also need to have the discussion with yourself and maybe other people who are involved in the organization. They have contributed to building your company but do not have an ownership interest.

Look at your talent

So look at your talent. Is there someone who has been working with you for the last 10 to15 years, who is poised to take over the business should you not be able to continue? Of course, you have to assess this situation on a case-by-case basis. But look within your organization to see what is in the best interest of the company and how it would best serve you financially.

Make a plan

Make a plan. You may save a lot of litigation. If you did nothing, there could be a sale of the business that is forced by family members who want to cash out. At the same time, there might be key employees, who would like to keep the business going, but there's no structure in place for them to do so.

About the Author

Winifred "Wini" Cannon

Winifred “Wini” Cannon knows how business owners may be impacted when retirement, incapacity, or death occurs without a good plan in place. One example that is very common is in the instance where one partner dies leaving the other trying to stay in business complicated by the...

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