Family Business: Settling Intergenerational Issues and Defining Generational changeover





Description


More than 80 percent of EU businesses are family-owned. Forward-thinking owners know the importance of succession planning and the consequences on future generations of their family of failing to plan. Many businesses have fallen apart because there was no line of succession for leadership of the company. A closely held business without a succession plan, coupled with inadequate or nonexistent estate planning, can result in excess estate taxes, family feuds and general chaos upon the retirement or death of a significant owner. A well organized generational changeover is essential to successfully transfer wealth to the next generation.




Keywords


Ownership, Genarational changeover, Outgoing generation, Incoming generation, Skills, Governance system




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