Very few “family businesses” are actually family businesses. Statistically, less than a third of hair salons, restaurants, and other nonpublic corporations make it from the owners to their children. Less than half that number make it to the original owners’ grandchildren. Adding “and Son” to the business name changes nothing. Legally, upon the owner’s death, other existing shareholders assume the deceased owner’s share, or the share passes according to estate planning laws.
This instability is often devastating. If employees learn of the ownership dispute, which they almost always do, morale might sink and many might leave. Additionally, a person utterly incapable of running the business might assume control of it.
The New York estate planning lawyers at the Dilendorf Law Firm work with you to craft a solid plan which avoids these problems. Our team has years of experience in this area. So, we understand the need for continuity, the need for competent leadership, and the need for your wishes to be respected. Therefore, we use proven methods to ensure that you make the necessary decisions, even if you are physically unable to do so in person.