Techniques for protecting the family business | Seniors
According to a study through Family Enterprise, USA, family owned businesses contribute 54 percent of the United States GDP and employ 59 percent of the American workforce. In fact, according to the United States Census Bureau, family businesses account for 90 percent of businesses in our nation.
Family-owned businesses clearly make up a significant part of our economy. However, business owners who may excel at handling the day to day responsibilities of management too often fail to consider the integration of business and estate planning.
Business owners must be prepared to consider possible retirement, illness or incapacity and the ultimate reality of death. Depending on the type of business and the number of members or partners, possible outcomes could vary significantly. For example, a single member…
