Ownership, Inheritance, Succession And Control In Family Businesses

Starting-up and getting a business to stabilize and start paying off, is one sort of challenge.At the time,an entrepreneur might even be glad to have family and relatives  pitch in and give them a helping hand.

Its only a little later that a whole lot of other challenges crop up.People who bear risk ,put their own life and priorities on hold or put in substantial efforts into a business expect that their contributions will be rewarded,not just perhaps in the form of a one-time or limited pay-out but in terms of a share of future profits and control over the business,so that they can guarantee and determine the quantum and timing of payouts.Perhaps even these challenges could be managed by having open discussions with all concerned ,ensuring full buy-in and clearly recording what is owed to who and why. Read more of this post