Unfortunately, many family-owned businesses do not engage in business success planning. As a result, owners and families can be placed at significant risk of:
Monetary loss due to estate, gift, and/or income tax issues;
Equity in a business being involuntary transferred to an ex-spouse/non-blood family member in a divorce;
Loss of asset value because of lack of business valuation and appropriate financial planning; and
Compromising the long-term stability of the business for future generations.