Family Owned Businesses
Family-owned businesses operated under a different set of circumstances. What is different about a family business is the many varied family dynamics that may be in motion. Family members working in a business together have multiple roles to play including:
- Family Membership
It is where these roles overlap that potential conflict and challenge can occur. Exit Planning for Family Businesses helps clarify roles and creates the infrastructure for effective value-enhancing transfer of control and ownership.
The "What Ifs" for a family business owner:
- What if I don't want to do this anymore? What happens next?
- What if something happens to me—if I die too soon or become disabled?
- What if my key employee (family successor) leaves?
- What if family conflict over ownership or control erupts and threatens my business?
- What if my financial needs from the business conflict or interfere with a smooth transition?