Dividing the Family Fortune – Entrepreneur Magazine
Here’s an interesting article from Entrepreneur Magazine regarding family business succession. We deal with this issue all the time as it is quite common that not all members of the next generation have a desire or capacity to be involved in the business, or they are incapable or working together, or there are toxic in-laws, etc., etc., etc… Some of the solutions proposed in the article are worth considering, but there are a lot of other ways to skin this cat. In any case, the proper legal structure and documentation needs to be in place in case someone voluntarily or involuntarily does not go along with the plan. Read the article here.