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When it’s time to think about handing over management of the family business to the next generation, proper planning can salvage a lot of Thanksgiving dinners, says St. Pete corporate, tax and estate planning attorney Rusty Spoor. He recommends starting with these steps.
• Take care of key employees. Some resentment could be natural among veteran employees when less experienced management takes over. Make sure long-term, critical personnel know they’re valued and indispensable to the future of the business. And put your money where your mouth is: make sure they’re properly compensated and incentivized to stay on. You’ll need them.
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