There are many families in Minnesota that own their own business. These businesses have been in their family for generations or, maybe, they are a first-generation creation. Regardless, they are special for families and most want the business to remain in the family for many years to come. Most of the time, a business succession plan can accomplish these goals, but, occasionally, there are complications that arise.
There are certain situations when a business succession might not go as planned. One is a situation where one sibling expects to inherit the business because they have been working in it for years, while the other siblings disagree. Another situation is where non-family members may seek to obtain the business. Or, there can be taxes that may lead to the end of the business upon the owner’s death. Or, heirs and beneficiaries that receive the business may lack the skills necessary to run the business and keep it successful.
Our law firm understands the issues that can surround business succession. We understand the legal challenges that are involved in business succession plans and how personal these issues can be. When business challenges occur, it can be a big family problem. We work with families to help make sure the business succession plan works and minimize complications that can arise.
Minnesota business owners have worked hard to make their business successful. It is important that their business is passed to the next generation in the way that they want it to. Our attorneys understand how important these businesses are and want to make sure our client’s needs are met.