Taking a Little Off The TableTaking a Little Off The Table
An astonishing 93 percent of family business owners depend on the family business as their primary source of income, according to the 2007 Laird Norton Tyee Family Business Survey.1 This statistic has far ranging ramifications on the success or failure of family business succession. A family business owner's dependency on the business for cash flow is an often unspoken obstacle to beginning a healthy
David Thayne Leibell, partner in the Greenwich, Conn. and New York City offices of Wiggin and Dan
An astonishing 93 percent of family business owners depend on the family business as their primary source of income, according to the 2007 Laird Norton Tyee Family Business Survey.1 This statistic has far ranging ramifications on the success or failure of family business succession. A family business owner's dependency on the business for cash flow is an often unspoken obstacle to beginning a healthy succession process. Why would a business owner transfer management and ownership of the family business to the next generation, without being certain about his own retirement security and that of his spouse?
As advisors to family businesses, we've...
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