Business Succession Planning

For many small business owners, their business is their life’s work. It is something that they have invested time, money, and a lot of heart into. When considering this, it can be downright surprising how many times small business owners fail to have a business succession plan in place. A properly crafted business succession plan can help ensure the continued longevity and success of a small business. If you are a small business owner, a

How can I select an heir to carry on the family business?

The popular HBO series “Succession” explores dramatically a common issue—heirs fighting for control of the family empire. The series centers on the Roy family, who control a media and hospitality empire. As the family’s patriarch ages and suffers health problems, his four children each vie for control of the company. While audiences enjoy watching the heirs conspire against each other and their father as they attempt to wrest control over the family company, many of us may not realize that this sort of drama really happens in family-owned businesses when the founder has failed to establish a business succession plan.