Craig's Corner - Wealth Planning Insights

Saturday, November 21, 2015

Family Business Succession Planning Tips

I have worked hard to establish my own business. How can I pass it on to my loved ones?

Succession planning for a family business can be a tricky proposition. What happens if the next generation just isn’t that interested in running the business? What if there is a difficult relationship among the family members who will all be involved in the business? How can something be passed on to members of the family who do want to be a part of the business while circumventing the family members who are reluctant to participate? How can the business owner manage these problems?

Perhaps one of the more obvious ways business owners can deal with these problems is that they can pick and choose for themselves and dictate the plan for the future. But isn’t there a better way? Suppose the next generation is actively consulted and individual preferences are taken into account when it came to passing things on? This approach might put the success of future family relationships and business relationships on equal footing.

In such a situation, the business owner might find that the next generation shares his or her vision for the future of the company. Even if this is not the case, it doesn’t mean that all is lost. Certain members of the next generation may have important things to add to the discussion even if they have differing views. In such instances, it can benefit all parties if the business is split into different units, or if certain members of the next generation are bought out by other members. Such a result may be the “Plan B” for current ownership, but may be best for the future of the company. It also may be best for the future of the family, because business relationships can run the risk of tearing families apart. In the interest of maintaining a successful business enterprise and keeping the family peace, instead of dictating the future to the next generation, it may be advantageous to let the next generation be a part of the planning process.

An experienced business planning attorney can help you and your business navigate the passing of your business successfully to the next generation.

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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.

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