Tips for Parents with College Bound Children
20 Critical Questions Regarding Business Succession Planning:
- 1. How important is it to pass the business on to the next generation?
- 2. Should all family members be offered the opportunity to work in the business?
- 3. How will I get my retirement income if I pass the business on to my heirs?
- 4. Should in laws be allowed to enter the family business?
- 5. Who will evaluate my children’s job performance objectively?
- 6. If more than one child is involved in the business, how will I choose the next leader?
- 7. How can I integrate my spouse in important business decisions involving family members?
- 8. How do I integrate key employees in the overall planning of succession? How should they be treated?
- 9. What kind of compensation strategies do I employ in fairness to all involved?
- 10. How do I treat family members not in the business? Should they also receive a part of the business?
- 11. What kind of advisory team should I have when planning for the succession?
- 12. Should a business transition be planned during my death or while I’m alive?
- 13. Should I be concerned with excessive income taxation during my lifetime or estate taxes at my death?
- 14. How could I fire a family member without emotional repercussions?
- 15. Should I explain my plans to my heirs for full disclosure?
- 16. Who should own stock in the business?
- 17. How should I deal with family disagreements or arguments?
- 18. How important is my estate plan when planning for the succession of the business?
- 19. Am I afraid of losing control if I pass the business on to the next generation?
- 20. How important is our involvement in the community?
