Elderly woman speaking on the phone

Family Business Succession: Balancing Emotions and Practicalities

Navigating the complexities of family business succession involves more than just transferring leadership and assets; it’s about balancing deep-seated emotions with practical considerations. This process is critical in managing familial relationships and expectations during a transition. How do you ensure a smooth handover while honoring the legacy and emotional bonds inherent in a family business?…

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father and daughter talking in their business store

How to Discuss Business Succession with Your Family

Succession planning for a family business is a crucial step to ensure its longevity and continued success. However, initiating this conversation with loved ones can be a delicate task filled with emotions and uncertainties. How can family business owners approach this topic in a constructive and collaborative manner? This question will be explored to offer…

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Transferring Shares in A Business

Estate Planning: How Certificates of Shares Are Passed Down How is the funding handled if you decide to use a living trust? Certificates represent shares of a company. There are generally two types of company shares: those for a publicly traded company, and those for a privately held company, which is not traded on one…

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Limited Liability Company (LLC): An Overview

Limited Liability Company (LLC): An Overview The limited liability company (LLC) is a hybrid type of business structure, offering business owners the best of both worlds: the simplicity of a sole proprietorship or partnership, with the liability protection of a corporation. A limited liability company consists of one or more owners (called “members”) who actively…

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Overview: Buy-Sell Agreements and Your Small Business

Overview: Buy-Sell Agreements and Your Small Business If you co-own a business, you need a buy-sell agreement. Also called a buyout agreement, this document is essentially the business world’s equivalent of a prenup. An effective buy-sell agreement helps prevent conflict between the company’s owners, while also preserving the company’s closely held status. Any business with…

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