SELLING OR PASSING A BUSINESS TO A FAMILY MEMBER

HNW Business Law

By Fredrick P. Niemann, Esq. a New Jersey Business Succession Attorney Is family succession the right option? It may be your dream to keep your business in the family but you need to consider the implications of doing so. It’s important to balance your emotions with hard reality. You must be objective! Long before you intend to retire or “get out”, you need to ask a number of key questions: Does your intended successor really want to take over – or do they feel obliged to do so? That question is directed mostly to your children in the business. Does your intended successor possess the right skills and attributes for your unique business? Is someone else in the business – …