Minneapolis Business Succession Planning Attorney, Ivory Umanah, discusses whether or not giving a business to your children is a good idea.
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You can give your business to your children but, as we all know, if you have more than one child, one of your children may not be interested in running the business.
So giving a business to two or more individuals, even though they’re siblings, is most likely going to cause a problem, because one or two of them will not want to be in the business.
So we help them overcome that problem by showing them how to, essentially, equalize the inheritance by not having two people who are not going to get along in the same business.