At some point, every family business owner considers what will happen when they are no longer able to run their business. Will they be able to retire when they are ready and successfully pass on the business? For this to happen, family business owners must identify...
How Can I Pass on the Family Business to One Child and Still Be Fair? The strengths, skills and persistence that build a successful business are also skills that help prepare that business for a successful transition to the next generation. Unfortunately, many...
Last post I discussed the challenges facing families attempting to pass on the family farm, ranch, or other business. Family-owned businesses play a critical role in society. Those of us who reside in rural agricultural areas know this to be especially true. ...
A substantial part of my practice is spent helping families prepare to pass on the family farm, ranch, or other business. Given that this is usually the family’s largest asset, it is critical the process be done properly. Unfortunately, most family businesses fail to...
Everyone has seen the movie or television show when the family gathers for the reading of the will. It is usually a dramatic event with an unexpected twist that makes for a good movie plot. Is there actually any requirement to have the family meet for a “reading of...
