Business Succession Attorney in Eden Prairie, Minnesota

Business Succession Planning

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So one of the largest issue that I’ve seen over the years dealing with a family business is wrestling with the issue of children within the business and children outside of the business. There’s always a struggle to determine how much goodwill and how much the children within the business have contributed. And then, the children outside of the business don’t often understand what the children inside the business have given to the business.

And then, ultimately, with the disposition of the business the question is fairness. There’s always a disagreement generally between the parties on what’s fair and how that should be distributed. So again, you go back to communication. Many times the intent of the client is very important and if that intent gets communicated down to the children, some of the family business succession planning issues won’t turn into a conflict in the end.

Eden Prairie, MN Estate Planning Attorney David Ness talks about challenges business owners face when passing their family business to their heirs.

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