Keeping Your Business in the Family 

Obviously, business continuation planning is not simple.  Money can provide for estate taxes, purchase a retiring owner's interest, or provide an equivalent asset for the children who will not enter the business. As the owner of a family business, you made the company what it is today. Some simple planning can help ensure that your business continues to thrive for many years.

It is up you to set the planning wheels in motion. Here's how to begin:

Clarify Goals

What would you, as an owner, prefer? To work in the business for as long as possible? To retire at a certain age? To provide for your children the lifestyle and status you have enjoyed? To reward key employees who have helped you build the business?

Consider the Children

Who wants to continue the firm? What are the feelings of the others? Who, if anyone, has the needed abilities? What training is taking place now?

Appoint a Project Manager

No person is likely to have all the skills needed to make your vision of the future a reality. Your attorney, CPA, banker, and insurance advisor are all essential members of your strategic planning team. You may want to give one the overall responsibility of researching the possible strategies and presenting recommendations for your approval.

Draft Legal Agreements

Have these coordinated with the will or your estate plan

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