If you own a family business, you should be thinking about your succession plan. Whether you plan to sell the business to fund your own retirement or pass it on to your descendants or other key employees, there are questions you need to be asking:
- Am I prepared to consider transferring ownership or control of my business during my lifetime?
- Have I made sure that the transition will be orderly?
- Will my key employees stay with my firm rather than seeking more secure employment?
- Is my estate sufficiently diversified so that children who are not active in the business may be treated fairly alongside those receiving an interest in the business?
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