Legal side of family business succession is crucial to success

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.