At some stage, the issue of the business cessation or sale needs to be addressed, and/or the provision for the succession of the next generation needs to be considered.
There are legal issues, the provisions in leases and redundancy payments, for example, that will need to be addressed. There are also the responsibilities to employees, who are reliant upon the business for their and their families lifestyles, to be considered.
Passing the Business on to the Family upon Death or Retirement
The potential problem of passing on the business intact to the family needs to be discussed with legal advisers at an early stage while everyone is in good health and gets on well. How the family each receive an equal share ...
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