Selling the Family Business

After a long stint serving as the leader of the family business, you may decide it’s time to sell. It may be an emotional time, or just business as usual. Still, selling a business brings forth many considerations and questions. Making the Decision. Consider how the business is owned. Is there one owner (mom or dad, for example) or is the business held by a family trust? Does anyone else need to be a part of the Read More

Family Limited Partnership: A Few Pros and Cons

Families often share homes, vacations, holiday traditions, and fond memories. Sharing a business, though, is more complicated than shutting down the summer cottage together or planning next year’s family reunion. One type of family business is called a family limited partnership. It’s not just a business entity, though. It can be a powerful estate planning tool. Keeping it in the Family. A family limited Read More

Estate Planning for Business Owners

Business owners know the hard work, determination, and attention to detail that goes into building a company. A successful company, especially a family-owned one, may be an important component of an individual’s legacy.  This is just one reason that estate planning is so important for business owners. Thoughtful estate planning for business owners also has great impact on their legacy because properly drafted estate Read More

Business Succession: An Important Part of Your Estate Planning

As a business owner, your responsibilities and duties may seem endless. Employment disputes, ordering supplies, paying vendors, and planning next year’s budget are just a few of the issues that fall on your shoulders. What happens to those duties if you retire or are no longer able to run your company? If you want your company to continue, then business succession planning should be an important part of your estate Read More