Eric Nelson

About half of business owners want to transfer their business to a child but only 30% do so. Families are not without their conflicts, especially in family businesses. By having annual family meetings to discuss the possible succession plans for the company, you will be more prepared for an exit.

Managing a Family Owned Business involves navigating business decisions as well as family relationships. Without a detailed succession plan, you are setting your daughter up to fail in a business that has not maximized its value prior to transition. Without having tough conversations about the future of their business, family business owners will fail to have a succession plan in place.

33% of those surveyed received their business from family and 6% purchased the business from their family. Even if the child can afford to purchase the business outright, are they qualified to run the business? 95% of children who inherit a family business after both their parents pass will choose to leave the advisor who worked with their parents.

Family Matters: Does Your Child Want to Take Over the Family Business? Your business is likely your largest financial asset, and as such, the success and potential sale of your business impacts each member of your immediate family.

If you are eager to secure the 9.62% annual interest for Series I bonds the deadline is Friday, October 28th. The rate is expected to drop to 6.48%. A few quick facts about I Bonds:

--> I Bond rates change twice yearly based on inflation

--> Your money is locked up for 12 months and you cannot take it out for any reason

--> Each individual may purchase up to $10,000 worth of series I bonds in a year (plus up to $5,000 if you are owed a tax refund)

If you have any questions feel free to reach out.

Financial Advisors Who Charge an Asset-Based Fee Many financial advisors charge an asset-based fee such as 1% of your assets managed. Is an asset-based fee financial advisor right for you?