For most family and closely held businesses, planning for succession is the toughest and most critical challenge they face. Yet succession planning can also be a great opportunity to maximize opportunities, reduce or eliminate taxes, and create a multi-generational business that will carry on the family’s values and mission for generations to come.
The Law Office of Ken Koenen is here to help family owned businesses in multi-generational planning by helping them address issues related to not only the ownership succession but also management succession planning and leadership development as well.
It has been noted that 88% of current family business owners believe the same family or families will control their business in five years. Unfortunately, actual succession statistics show this to be incorrect. Statistics show that only about 30% of family and businesses survive into the second generation, 12% are still viable into the third generation, and only about 3% of all family businesses operate into the fourth generation or beyond. Obviously, the optimistic belief of today’s family business owners and the reality of the massive failure of family companies to survive through the generations contradict. Research indicates that failures can essentially be traced to one factor: an unfortunate lack of family business succession planning.
Feel free to contact our office to help you keep your business in your family.