For many business owners, as they age, they wish to give the business to their children, grandchildren, or other family members, but there can be challenges involved in this. How do you get this done? How do you structure this? How do you do a transition where some family members are joining the business and others are leaving? How do you treat everybody fairly if one child is joining the business and the other child is not joining the business? How do you make sure everybody feels like they got fair value?
I’ve worked with some clients on family transfers, and I know the processes and some of the tricks and pitfalls involved. I work with clients to make sure that the clients have plans in place for these transitions to make sure that the generations can work together and that everybody feels like they’ve been treated fairly. If you’re going to be transitioning your ownership of your company from one generation to another, you want to make sure you have processes and procedures in place. You want to make sure you’re doing it right. You want to make sure everybody’s taken care of and that it’s a smooth process.