Family Business Planning

Family-owned businesses face special issues that large corporations do not.  In family-owned businesses, there can be disputes between family members.  When in-fighting occurs within a family business, the business inevitably suffers.  Another major issue in family businesses is when one family member dies or divorces and those shares of the family business are left with a non-family member or power shifts within the business to another family member. In this event it may be necessary to contact a Business Planning Attorney.

The biggest mistake made by most family businesses is failing to set up the business in a formal written manner.  Whether the business is going to be a sole proprietorship, a partnership, or a corporation, written documents need to be in place so everyone within the family business is on the same page.  Putting the right documents in place, such as company policies, incorporation documents and a succession plan, can protect the entire family. 

At Klun, our business planning attorneys can help your family business put documents in place to keep the business in the family for years to come.  We can help family members sit down and put together a formal plan for the business.  Addressing these issues before problems within the family business start can avoid costly litigation later on.