Posts Tagged ‘Business Transition’

Article 66-Estate Planning Series: Have You Considered These Options to Pass on the Family Business?

Written by Wright Law on . Posted in Uncategorized

For the last several columns I have addressed critical steps for parents who desire to pass on the farm, ranch or other business to the next generation.  Last column, I gave the example in which one child wants to own/operate the business but the others are not interested.  How do you divide the estate?  One way is to let all the children have a share of the profits but only one child makes the business decisions. 

Article 64-Estate Planning Series: Can I Pass on the Family Business and be Fair to All the Kids?

Written by Wright Law on . Posted in Estate Planning

Successfully operating a family business - and preparing to pass it on - may seem like separate issues.  In reality, they are not.   The strengths, skills and persistence that built a successful business can also help prepare that business for a successful transition.  That is why it is difficult to watch the value of a family’s most significant asset evaporate for failure to “plan when you can.”   

Once you have committed to identify your options, the next step to a successful transition is to identify your desired result.  This may sound simple but it seems to be where most business owners stall because they can’t see how to get from where they are to where they want to be.

Article 63-Estate Planning Series: The First Steps to Successfully Passing on the Family Farm, Ranch or Business

Written by Wright Law on . Posted in Estate Planning

Last column I discussed the challenges facing families attempting to pass on the family farm, ranch or other business.  Family owned businesses play a critical role in society.  Those of us who reside in rural agricultural areas know this to be especially true. 

However, according to the Harvard Business Review, 70% of family owned businesses do not survive the transition to the next generation.  This is an incredible statistic.  Why would this process result in the end of so many businesses?  I am convinced that this result is entirely unnecessary.

Article 62-Estate Planning Series: Are You Prepared to Pass on the Family Farm, Ranch or Business?

Written by Wright Law on . Posted in Estate Planning

A substantial part of my practice is spent helping families prepare to pass on the family farm, ranch or other business.  Given that this is usually the family’s largest asset; it is critical this be done properly.

Unfortunately, the majority of family businesses fail transitioning to the next generation.  However, the likelihood of success dramatically increases when the family prepares for this transition.  As the second generation owner of a firm started by my father almost 50 years ago, I understand the importance of this issue personally and professionally.

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