The founder of a german family business was its sole shareholder and managing director he died in an accident without any succession plan the disposition of his estate would have triggered extremely high inheritance tax and caused a succession in ownership and management that was not desired by all stakeholders. This guide to family business succession planning will help you map out the process as well as provide a flexible framework gregory f monday discusses business law topics related to corporations llcs partnerships business law today insights and topics from our global network of professionals. Succession planning for a family business the transition of a closely held or family owned business is an important event for such clients and must be planned for accordingly recent changes to the tax landscape have caused the succession planning strategy to be re evaluated resulting in the need for highly skilled advisors adept in planning . Wonder business succession is a significant issue for many family businesses the 2012 family business survey conducted by pwc found that succession was a top three issue for family businesses in our experience proper business succession planning greatly improves the odds for a smooth and efficient business succession. Business smart succession planning strategies entrepreneurcom if you havent thought about what will happen to your business if youre no longer able to run it these tips will get you
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