The strong level of interest in business succession planning can be demonstrated by local activities. The Pennsylvania Bar Institute is holding a seminar on the subject soon. A recent presentation at the Philadelphia Estate Planning Council featured a speaker, Charles Redd, who discussed some aspects of the succession planning process. In addition, the Temple University graduate legal studies program is offering a course on family business issues, taught by local attorney Brad Rainer. This confluence of educational programs confirms the intuitive and anecdotal knowledge of many in the legal community that business succession planning has become a source of good business for lawyers and other advisers. Some of those lawyers and advisers are working on setting up a chapter in this area of the Family Firm Institute, a national organization devoted to family business issues.

Introduction

There are several societal events that give rise to the high level of interest in business succession planning at this time. The baby boom generation, the cohort that has had a dramatic impact on many aspects of our national life over the past 60 years, is now reaching retirement age. Many members of this generation have begun or succeeded to family businesses. Many of those businesses started as modest enterprises 30 or more years ago, and benefited from the absence of substantial downturns in the economy until the past year or two. As a result, many of those businesses are well-developed and fundamentally very valuable.

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