Tip #3 – Get over the idea that everyone has to have an equal share.

While this is a nice idea in theory, it may not be in the best interests of your business. Remember that management and ownership are separate business succession planning issues. It may be fairer for the successor(s) you have chosen to run the business to have a larger share of business ownership than family members not active in the business. Another alternative is to use voting and non-voting shares so that only some of the family shareholders can make decisions on company policy. Or it may be best to transfer both management and ownership to your chosen successor and make other financial arrangements to benefit your other children.

For more information on Succession Planning at Transition Point Business Advisors, contact Rena Striegel at