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Summary: For family-run firms, a crucial concern centers around ensuring the longevity of the business they’ve spent years building and the assets they may have accrued. It usually means the process of prepping children to take over the business itself, as well as any assets in the firm’s portfolio. NREI consulted with attorneys specializing in succession planning for tips that family-run businesses may want to keep in mind.
 Succession planning can be done in stages over many years or handled all at once. In either case, the goal is often to limit the cumulative transfers during the lifetime of the parents to a minority interest, say 40-45 percent."Bruce Tigani, attorney and chair of the tax, estates and business practice group, Morris James |
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