Business succession planning for family-owned businesses requires solving a myriad of thorny issues and potential conflicts to address a family’s chief question: how will the family business, which may represent the lion’s share of the family wealth, be governed, managed and accessed by future generations?
Consider the below approaches to some common governance, tax and technical hurdles families face when planning how to pass the business to the next generation. (A topic for another article would be the hurdles families face if they wish to pass the business to charities, instead!)
