When you have spent your life building a business, you will have multiple concerns about a transition when you are no longer able to run it. Not only will you probably want to keep the company within your family, but you will also want to ensure a smooth transition in order to keep family relationships harmonious. Business succession requires intricate planning ahead of time to save your family both hassle and money in the future.
Without this planning, it may not be possible to keep your business within your family. You should work with an experienced lawyer well in advance to devise a succession plan and put it into action. Your lawyer will help you craft a plan that works best for you, your business, and your family.
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