The family-owned business is often thought of as an American staple, the thing that forms the backbone of the economy. That said, there are many different businesses that people choose to start. They all operate much differently and those planning to pass their...
Business Succession Planning
Few family businesses make it to the 4th generation
For most people who start a family business, the dream is to have it stay in the family for generations to come. The founder may think of that as a gift to the family, giving them meaningful employment and an easy income. They may think of it as a stepping-stone,...
Remember, your family doesn’t have to get your business
Does your child essentially think that your business has to go to them when you're done running it? Are they not just waiting in line but expecting that this is part of their birthright?Now, wanting to leave your business to your children is understandable. You want...
Things to consider when selling the business to a child
One way to transfer your family business to one of your children is simply to sell the company to them before you pass away. They take over ownership, and you don't have to worry about suddenly handing them the company at the end of your life.There are benefits here,...
Kids often feel pressure to take over the family business
Business succession planning gets complicated. If you leave a company to your children, are you making their career choices for them? What if they wanted to do something else with their lives?It's a worry that many parents have, and it's true that children often feel...
It takes time to get the kids ready to take over your company
Do you own your own company, and are you trying to figure out how to pass it on to the children when you pass away? Business succession planning is very important on many levels -- for the company, the employees and your family. Therefore, it's crucial to do it...
Does birth order matter in business succession?
Business succession planning gets complicated when you have multiple children. Who wants to be involved? Who deserves it? What is best for your company? What is best for your family? These are just a few of the questions you have to ask yourself.One other thing you...
Get your children involved in your company early
With your business, passing it down in the family has always been your plan. You built this for them. You want to do more than just provide for them when they're young. You want to give them a way to earn and find financial security for the rest of their lives. Now,...
Succession planning is key to keeping a business alive
When individuals are asked if they've drafted a will, they often say that they haven't because they don't want to plan for their death while trying to live. If you ask a business owner if they have plans for the future of their business, they'll likely tell you much...
To help children take over a business, celebrate their success
You know that passing your business on to your kids is a serious matter. A lot of companies fail when they lose the influence of their founders and the children do not put in the same time and energy to sustain them. You do not want this to happen to your company, so...