How should we advise business owners to prepare for retirement and for the transition of business ownership? The answer to this question probably calls for types of expertise in addition to those provided by lawyers.
Many of our clients will have spent a large portion of their working lives building a business. The result is often a source of significant wealth for the owner, a life-long stream of income and fringe benefits for the owner and others in the family working in the business, plus a strong sense of security that comes with that ownership. It’s no surprise that owners have a difficult time in retiring and passing operational control and ownership to others in the family. And that many owners fail to take the necessary succession steps that will help the business to survive the ultimate “transition,” that is, the death of the owner.
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