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Succession in a Family Business

Most owners of family businesses dream of their grandchildren and great-grandchildren taking over the enterprise someday.  But the reality is, only 43 percent of them have a succession plan to ensure the company’s longevity and only 12 percent make it to the third generation. “If there is one area in which most family businesses could

Business Valuation is the Crux of Succession Planning

A financial valuation is critical to succession planning, whether it’s accomplished by selling the business, establishing partner ownership percentages or seeking financing.  The exit strategy will hinge on valuation that, among other things, will consider earnings, assets and how the business compares to its competition. In a broad sense, a financial valuation takes markets and

Buy-Sell Agreements

If business partners had a special knack for seeing into the future, and avoiding issues that can destroy a business, they would surely draw up a buy-sell agreement long before one of the partners dies, retires, becomes disabled or suddenly chooses to leave. Without the legal contract, they will struggle to keep a clear head