Family Business Succession Planning

Owning one’s own small business can come with some problems because of personal relationships within the family and sometimes infighting. One family member can cause many problems and unless the family is open and willing to express feelings, there can be trouble for a long time affecting the business. Mr. Hubler stated that some of the major pitfalls are: avoidance of the issues and failure to plan and that families really need to talk about their differences to have a successful business. ”Having a plan is better than no plan at all”.
Webster’s defines legacy as 1) money or property left to someone by a will, 2) anything hand-ed down by a relative. It seems that it is far more important to offspring to inherit good ethics and other attributes from their parents than financial legacies. To me this was the most important point of Mr. Hubler’s presentation.