But then, exemplary managers, like good parents, learn quickly the shortsightedness of not empowering those close to them. Passing the torch well becomes important to any top leader. Part with as much as you can as soon as you can. Give it away when it isn't worth as much. The reason to move early is that the newspaper is an appreciating asset.
Most people wait too long.
Ownership succession strategies require highly specialized legal and accounting guidance. It's the cruelest of all taxes. Further, the payment of estate taxes could result in a reduction in the size of these businesses and a significant loss of jobs. 64 percent of business owners report that payment of estate taxes will affect their ability to sustain their family business. 33 percent of the business owners report that estate-tax payment will require liquidation or sale of all or part of their businesses.