Transfer a business? Here’s how to keep it just for the heirs – press enterprise

Transfer a business?  Here's how to keep it just for the heirs - press enterprise

Some of our customers will tell you that there was nothing more satisfying to start and grow a successful business and have their children (and sometimes their grandchildren) take the lead.

In fact, multigenerational family businesses are the oldest and most common form of financial organization in the world, and include not only small convenience stores for mom and pop, but also over 40% of public companies like Walmart and Samsung.

We also heard stories from family members who left the farm to “grow up” or who had no interest in learning the family trade. Often those who left had valid reasons and succeeded – not at all like in the parable of the prodigal son. What should you do if all of your children are not involved in running the family business? To continue to be successful, you must …

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