Planning for Transition
You Surely Won’t Live Forever!
There are business owners who have flatly refused to deal with this fact and continue to act as if they will live forever. Usually this attitude is accompanied by the statement that the future will take care of itself and they do not want to even think about it. However, this hands-off approach in family businesses does dictate the future course of the business and, very often, dramatically and tragically so. The Internal Revenue Service frequently becomes a beneficiary of this approach. And heirs are often disappointed by the meager returns on the distress sale of the business.
A failure on the part of the founder of a family business to consider succession in all its detail can ...