Products tagged with 'family business'

Every family business should have a succession plan in place.

This article will help you identify the issues to consider when planning your succession plan / exit strategy so that you can retire and pass on your business to the next generation.

Why does a family business need a succession plan?

This article by the Harvard Business Review discusses the reasons why family business owners need to design a transition plan to avoid tension, discord and disruption to business operations.

Topics Discussed

The topics covered in "Succession Planning and the Family Business" include:

• Examining the reasons for leaving the business to a specific family member.
• The most common mistakes in crafting a family-based succession plan.
• Determining what is best for succeeding generations.
• Tips for creating a successful succession plan.

Author Credit

This expert guide was written by Phil Thompson, business lawyer and corporate counsel in Ontario, Canada.