Transitioning a Family Business: Keep, Sell or Feud?

Sullivan & Worcester, One Post Office Square, 21st floor, Boston, MA
April 26, 2017

At this seminar, Brian Hammell and panelists from Wells Fargo Private Bank addressed the distinctive issues that arise on the sale of a so-called "family business" – a business controlled by a single individual or a single family group. The program examined the key tax and business matters that arise when a family-owned business begins the process of transition. First and foremost, the senior family members must decide whether to sell to an unrelated party, whether to transfer management to the next generation within the family, or whether to bring in outside management and restrict family involvement to the board of directors and shareholder levels.

Practical experience shows that family business decisions are inevitably part of the larger family dynamic – the business creates wealth but triggers family dissension. The family seniors must have clear strategies and priorities on how to run the business, grow the business and ultimately transition the business.

This program provided practical strategies for managing these challenges, including:

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