Family Business Transition and Succession Planning
This is an hour long radio show “Exit This Way” where I was the sole guest for the show’s host Kerri Salls, which show aired three times on Monday, March 18, 2013, on the UR Business Network. (see This Way Out Group LLC )
The show was on the topic of Family Business Transition and Succession Planning. To have a listen, Go to http://www.thiswayoutgroup.com/wp-content/uploads/2017/06/Rob-Adelson-of-Engel-Schultz-LLP-on-Exit-This-Way-12-26-12-merged-3-segments.mp3
In this show Kerri asks me a series of questions. Among the questions are:
- What steps should an owner take who wants to bring a son or daughter into the business?
- What actions can be taken if there is discord in the family between family members who work in the business and family members who don’t work in the business but nonetheless benefit from that business and voice their views on how the business should be operated?
- What can you do if the business outgrows the family? … How can you bring in outside talent to help an owner who has been largely making all decisions on his own and needs others to lean on for advice in a changing world and marketplace?
- What are some of the choices available to an owner to plan his or her estate and transfer interest in a family business?
- If you as owner decide at you are going to sell the family business, a – how do you prepare for sale? What different forms can a sale take? What is the best form of sale for you and the family?
A full list of questions considered appears on my Business Law Blog at https://robadelson.wordpress.com/2013/04/06/family-business-transition-and-succession-planning/
I hope you enjoy this radio show. Let me know if you have any questions.
Also, if you or anyone you know is involved in a family business and faces questions or issues over transition or succession or needs legal representation , please do give me a call or shoot me an email.
I would be glad to work with you, your friends, colleagues or relatives to make the transition or succession for the family business effective for you to hopefully accomplish the goals you seek.