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2024 | OriginalPaper | Chapter

6. Business Succession

Author : Richard P. Rojeck

Published in: Wealth

Publisher: Springer Nature Switzerland

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Abstract

The chapter delves into the intricacies of business succession planning, focusing on four primary scenarios: shared ownership with non-family members, family involvement, sale to executives or employees, and sale to third parties. Each scenario is explored with practical advice on structuring buy-sell agreements, addressing tax implications, and ensuring a smooth transition. The text also emphasizes the importance of family meetings, mentoring, and involving key employees in the succession process. A case study of the Goldmans illustrates how these strategies can be applied in real-world situations, making the chapter a valuable resource for professionals seeking to navigate the complexities of business succession.

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previous chapter Charitable Planning

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Title: Business Succession
Author: Richard P. Rojeck
Publisher: Springer Nature Switzerland
Book: Wealth
Print ISBN: 978-3-031-73053-5

Electronic ISBN: 978-3-031-73054-2

Copyright Year: 2024
DOI: https://doi.org/10.1007/978-3-031-73054-2_6