Family-Business Succession-Planning Consultants: 3 Provisions to Include in Shareholder Agreements
Surprisingly, over 50% of all companies in the U.S. are actually family-owned businesses. If your company is doing relatively well, solidifying appropriate succession plans for the future can reduce downtime and uncertainties in the company in the event of a death. Large family businesses tend to have several successors in line. Most of the time, responsibilities will be divided among several successors upon the death of the company owner. These terms and conditions are often outlined in shareholder agreements.