Family businesses and other closely held businesses require each owner to consider his or her personal interests in the ongoing business.
Several family businesses have been in the news lately. As the events play out, we are reminded that is important for each individual family member to consider the responsibilities and limitations of “ownership” in a family business.
The relationship among owners in family businesses is complex. Very often ownership moves from one generation to the next. As the ownership changes, each owner’s interest changes. Some of the questions that need to asked are:
Organizing a family business to be flexible and protect the interest of owners as they change is a complex matter. Sometimes it is overwhelming. However, it is important to make the first step. Start with the easy problems and tackle them one by one.
At Welts, White & Fontaine, P.C. our lawyers have experience with representing families and closely held businesses. We have balanced business plans with family plans and we can help you develop strategies for a successful family owned business.