Business Succession Planning
Mid-South Business Planning Lawyer
In a recent study, an alarming statistic was given: only about a third of all family businesses successfully make the transition to the second generation and only 12% of businesses are still viable into the third generation.
So much time, money and effort goes into building a successful family business, you should ensure proper planning is in place so your business will continue to thrive even after you are no longer able to run it.
If no plan is in place, the business will be passed down to the successors of the estate, acquired by other shareholders, or a combination of the two.
In a family-owned business, this may cause an uproar between siblings and other relatives or between those more active in the day-to-day operations and those who are less involved but received an equal or greater share.