What to consider when keeping the business in the family

Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies are not always compatible, and the older and younger generations often have conflicting interests. However, by starting early and planning carefully, it is possible to resolve these conflicts and strategically transfer the business in a manner that aligns with the goals for all family members, whether involved or uninvolved in the business, and in a tax-efficient manner.

Ownership…