BUSINESS SUCCESSION PLANNING

BUSINESS SUCCESSION PLANNING

It's a fact: many family-owned businesses don't survive the transition from founder to second generation.1 Family discord, tax issues and the absence of a clearly defined business succession plan are usually at fault.

If you own a family business, it's crucial to think about what will happen to it when you no longer run it. Who will manage the business? How will the ownership be transferred? Can the business continue without you? Should you sell it?

Determining the right answers to these questions requires the assistance of knowledgeable professionals with the specialized skills and experience to help you develop a strategically sound business succession plan. So whether you're thinking of selling your business to an employee or handing it over to the next generation of family members, talk to your financial advisor at The Logan Square Group of Wells Fargo Advisors.

1Joseph Astrachau, Ph.D., Editor, Family Business Review, 1999