Do your kids really want to take over your business?
Generational succession - handing your business across to your kids or family - sounds simple enough but, many families end up in a dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes.
If you are looking to hand your business to your children or relatives, there are a few key issues to think about:
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