Successful owners focus time and energy on their business. But, will the business survive in the event you don't? What happens if you become disabled? Few actually PLAN to keep the business. Few businesses span 2 generations. Who will run the business if you are not there?
Have you confronted the personal and family political goals that can prevent the business surviving you? What if a key employee leaves for a competitor? What does the future look like without you? What happens to each owner's interest on death or disability? Is there liquidity to pay estate taxes?
On whose back is future growth riding? Who CONTROLS the business? Who SHOULD control it? Are any of your relatives in the business? What will happen to them? Can the business be handled fairly if some children are in it and others are not? How are your books? Would you buy your own business from a stranger?
MMKO has considerable experience in business succession planning and our attorneys are prepared to protect our clients’ rights. If you have any questions, contact MMKO for a consultation today.