Ever since you started your family business, you have been hoping to turn it over to your kids. It's your legacy, something you can leave to them that you believe can change their lives.You want this process to go smoothly, so you need to do your succession planning...
Business Succession Planning
Don’t commit this business succession mistake
Setting up a plan to ensure your loved ones will receive ownership of your business, or at least be able to receive the monetary value of your business, after you have died is an important concern that every successful California business owner should handle....
What if only 1 of my children wants to own the family business?
When an estate plan involves an independent business owner who wants his or her family to benefit from the value of the business, a lot of important questions will need to be answered. Most importantly: Will you leave your business to be managed by your children, or...
Preparing for a family business succession
When you're running a family-owned business, you might want a family member to take over the company in the event your death, but what about retirement? If you want to retire, and enjoy yourself in your golden years, you might want to consider a business succession...
A few things you should know about business succession
Transferring a family business from one generation to the next comes with many challenges. Most notably, generational disagreements could arise about the way the company should be managed. Younger generations might want to explore new trends with a better sense for...
8 steps to an excellent family business succession
Imagine you have an incredibly successful business. You don't want your children to lose out on the success of this business, which you know could serve your family for generations to come. As such, you've decided to create a business succession plan to leave the...
Business succession plan: Did you choose the right successor?
Newport Beach families may dream of a son or daughter taking up the family business preserve their legacies into the future. Indeed, it's beautiful to think that something you created could last to provide income and stability for future generations of your family....
What should I know before creating a business succession plan?
Business owners who want to leave the family business to their children can create a business succession plan to achieve this. A business succession plan can be organized in many different ways. For example, it might not go into effect until after you die. Or, you...
When a physician with a private practice passes away
If you have a business that you built up yourself -- like a medical practice -- you must face the fact that the business was built on your name, and without you around, it may not have the same value. This can create a little bit of stress for any sole business owner...