You spent your life building a family business. It’s your baby and you probably shudder at the thought of trusting it to someone you don’t know. You want it to remain in the family where it can be nurtured and maintained for years, and possibly generations, to come. But how likely is that? And what steps should you take now to plan the succession?
A recent Kiplinger article looked at the research when it comes to passing on that family business and the statistics are interesting. It says that an SC Johnson College of Business study found that the average life-span of a family-owned business is 24 years. The article also has three tips for planning to keep the business in the family.
- Be mindful of time and finances
- Choose the right successor
- Don’t overlook the importance of tax planning
Check out the article in its entirety by clicking here. And there are similar articles about retirement financial planning that are helpful, as well.
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