The family-owned business is often thought of as an American staple, the thing that forms the backbone of the economy. That said, there are many different businesses that people choose to start. They all operate much differently and those planning to pass their businesses on to their children need to plan accordingly. Some of the common […]

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For most people who start a family business, the dream is to have it stay in the family for generations to come. The founder may think of that as a gift to the family, giving them meaningful employment and an easy income. They may think of it as a stepping-stone, assuming that their children can […]

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Does your child essentially think that your business has to go to them when you’re done running it? Are they not just waiting in line but expecting that this is part of their birthright? Now, wanting to leave your business to your children is understandable. You want to give them a source of income. You […]

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One way to transfer your family business to one of your children is simply to sell the company to them before you pass away. They take over ownership, and you don’t have to worry about suddenly handing them the company at the end of your life. There are benefits here, but you also want to […]

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Business succession planning gets complicated. If you leave a company to your children, are you making their career choices for them? What if they wanted to do something else with their lives? It’s a worry that many parents have, and it’s true that children often feel this pressure — even if their parents do not […]

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Do you own your own company, and are you trying to figure out how to pass it on to the children when you pass away? Business succession planning is very important on many levels — for the company, the employees and your family. Therefore, it’s crucial to do it properly. One thing you need to […]

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Business succession planning gets complicated when you have multiple children. Who wants to be involved? Who deserves it? What is best for your company? What is best for your family? These are just a few of the questions you have to ask yourself. One other thing you may want to consider is birth order. Many experts […]

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