Practical Succession Planning for the Family-Owned Business

One of the chief concerns facing family business owners is how to effect an orderly and affordable succession of the business2 while ensuring that the business will provide for the future needs of the owner and his or her spouse and keep them comfortable during their retirement years. Failure to properly

plan for a smooth succession during the owner’s lifetime can result in monetary losses and even loss of the business itself. It is estimated that more than 70 percent of family owned businesses do not survive the transition from founder to second generation. Read More…