Due Diligence For Family Owned Business Succession

Introduction : Succession planning for a family business is a delicate subject. Founders of family-owned businesses often rely on oral understandings and family agreements in relation to future ownership and management of their business. This approach may be adequate as long as the founder retains majority ownership and control. However, upon his or her retirement or incapacitation, disputes may erupt in relation to ownership of shares, management control and entitlement to business assets....