Successful transfer of the family business
When it comes to family-owned businesses, it's not just business, it's personal. Handing a business down to the next generation of family members can be tricky to ensure fairness and an equal distribution of assets to family members who are interested in inheriting the business and those who aren't.
In this white paper, we look at how to create a plan for a successful transfer of a family business. Strategies here include a seven-step exit plan process as well as backup planning.
"Even in families where both older and younger generations share a desire to keep the business in the family, there are a number of challenges to handling a successful transition. It's important to have a plan and work with sophisticated advisors who have experience in this area."
Mike Benedict
Business Transition Advisor at BOK Financial