G. Wade Caldwell

Succession Planning for Family Owned Businesses

Succession Planning for Family Owned Businesses

Proper succession planning allows the business owner to determine which option works best for the owner, the family and the business, rather than leaving it to chance and the hope that those left behind will figure it out. It involves planning for the preservation and transfer of control of an individual’s business in a manner that carries out his or her objectives. It is generally designed to insure the viability of the business from one generation to another.