Transferring Business Ownership
Overview
Transferring Business Ownership: How to Prepare the Family for a Smooth Transition
Stephen G. Salley, Of Counsel, Greenberg Traurig, LLC.; Mark Nash, Partner, PwC Private Company Services and Karen Neal, Managing Director, Consulting, Family Office Exchange
A recent PwC study on family business owner trends indicated that more than half of the business owners intend to transition the ownership of their business during the next ten years. Half of these transitions will be an outright sale to a third party, and the other half will be transfers to family members, employees and management. All types of ownership transitions require thoughtful planning and work to achieve a successful outcome. What can business owners do to achieve success? What structural, governance and communication strategies can be implemented today to smooth the eventual transition and mitigate adverse impacts on family dynamics?