Family Business Lawyer
While family-owned businesses face many of the same issues as any other company, they also encounter some unique challenges and situations. These include succession planning, employment of family members, corporate governance, decision-making, and dispute resolution.
When family businesses can’t navigate these unique issues successfully, they are less likely to survive from one generation to the next. In fact, 70% of family businesses fail or are sold before the second generation takes over. Only 10% make it to the third generation.
I was an in-house attorney for two successful family-owned businesses, one in the second generation and the other in the third generation. I was able to see the special challenges that these companies faced, and was able to assist them in addressing those challenges.