For example, just as big companies do, smaller businesses hire and discipline employees, rent or buy real estate for their offices or facilities, contract with suppliers and customers, use and buy computer systems, collect accounts receivable, expand by purchasing other businesses, and sell their businesses. Small business owners also face personal financial and estate planning issues, which are just as important to them as those confronted by the CEO of a major corporation.
Legal budgets are typically tighter.
Each legal issue frequently has a larger impact upon the success or failure of the business. Disputes among owners can paralyze business operations. Family-run businesses often face succession issues, as younger generations begin to play a greater role in management. Serious estate and tax issues can arise upon the death of family business owners. They come from a variety of the Firm's departments.