ENSURING THE SUCCESS OF YOUR BUSINESS
The family-owned business is often hailed as the backbone of the American economy. However, according to Forbes, only 30% of family businesses survive into the second generation. Ensuring the success of your business isn’t as simple as handing the keys to your child and hoping they’ll make something of what you gave them. If you’re planning on leaving control of your business to your children after you pass away, here are a few considerations to make. THROUGHOUT THE GENERATIONS
ENSURE THEY’RE QUALIFIED TO RUN THE BUSINESS. One reason family businesses can fail is because the founder puts their children in positions of leadership they are not qualified for. So, instead of just making your kids managers in an effort to “keep it in the family,” encourage them to learn the skills necessary to run your business in school and maybe work at similar businesses before coming back to yours. That way, they’re more likely to be qualified for the job and keep the business running long after you’re gone. GET OUTSIDE HELP ON THE SPECIFICS. You can legally transition ownership of your business to your children in several ways. You could set up a trust, transfer your business shares to them, structure an installment sale to one or more of your kids, or go down one of several other routes. It’s up to you. However, when it comes to ensuring your business is handed down with the least stress and frustration possible, it’s best to enlist the help of an expert attorney.
GAUGE YOUR CHILDREN’S INTEREST IN YOUR BUSINESS. Whether you run an insurance brokerage or a sandwich shop, you can’t expect your kids to share your passion for your business. They might share it — but they might not. When you’re putting together a business succession plan, gauge your children’s interest in taking over the business.
If you have multiple children, maybe one of them is more interested than the others. Maybe all of them are equally interested, or maybe none of them are interested.
Visit the REIBLAW website at ReibLaw.com/findlaw to set up a free consultation.
RHUBARB OAT BARS
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Inspired by TasteOfHome.com
In editions of this newsletter, we’ve covered everything from business contracts to how to handle the former spouse who wound up with everything because there was no business succession plan in place. But now we’re wondering: What would you like to see? You know those legal questions that Google can’t give you a satisfactory answer to? The ones that keep you up at night as you wonder whether it’s time to call a lawyer? We want to answer those. Send us your questions, and we’ll use them to address the topics you want to know more about. Text your questions and curiosities to 972.677.3002 .
INGREDIENTS
• 1 1/2 cups fresh rhubarb, chopped • 1 cup packed brown sugar, divided
• 1 cup old-fashioned oats • 3/4 cup all-purpose flour • 1/2 cup sweetened shredded coconut • 1/2 tsp salt • 1/3 cup butter, melted
• 1 tsp fresh lemon juice • 4 tbsp water, divided • 4 tsp cornstarch
DIRECTIONS
1. Preheat oven to 350 F and grease an 8-inch square baking dish. 2. In a medium saucepan, bring rhubarb, 1/2 cup brown sugar, lemon juice, and 3 tbsp water to a boil. 3. Reduce heat to medium and cook until rhubarb is tender (about 5 minutes). 4. In a small bowl, combine cornstarch and remaining water, stirring until smooth. 5. Gradually add to the rhubarb mixture, return to a boil, and
cook until thickened. Remove from heat and set aside.
6. In a large bowl, combine
oats, flour, coconut, salt, and remaining brown sugar. Stir in butter until mixture is crumbly. 7. Press half of the oat mixture into the prepared baking dish, spread rhubarb mixture on top, then sprinkle with remaining oat mixture. 8. Bake 25–30 minutes until golden brown. Cool completely before enjoying!
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