According to the Conway Center for Family Business, family businesses account for 64% of the U.S. Gross Domestic Product (GDP), yet 57% of family businesses have no formal succession plan. 1 While the ...

Succession planning encompasses a broad spectrum of activities, from identifying potential successors to transferring control of day-to-day operations and aligning the transition with the strategic ...

We live in a world where many are chasing the American dream. For many, that includes making a living doing what you love and could mean owning your own small business. However, as the owners of small ...

“From a legal standpoint, a strong succession plan involves more than just identifying successors, it requires formal documentation to assist in making enforceable and efficient transitions that align ...

In my many conversations with manufacturing industry leaders, succession planning consistently emerges as a critical challenge. When business owners start thinking about succession, it’s often because ...

To continue reading this content, please enable JavaScript in your browser settings and refresh this page. You’ve put the proverbial blood, sweat and tears into ...

Hawaiʻi is known for, and is rightly proud of, its entrepreneurial spirit. But like so many other parts of the country, ...

As part of NJBIZ’s latest virtual panel, participants discussed how family businesses can survive and thrive across multiple generations. Earlier this month, Trump signed into effect sweeping tax and ...

Succession planning is fraught with potential missteps. By examining common mistakes, businesses can employ proactive measures to sidestep pitfalls that have ensnared others. Delaying the Planning: ...

For a profession that prides itself on crunching numbers, analyzing data and creating complex financial strategies, financial advisors often fall far short when it comes to planning for their own ...