Challenges to Family Business

Being a shareholder in a family business can be lucrative, exciting and fulfilling. But a closely held business is as complicated as any family, with personality conflicts, intrigue and power struggles. Even though you may have background, values and much else in common — you are each individuals, and have your own families and desires.

Your interest in the family business may be as precious to you as an heirloom you do not want damaged or lost. Let us protect it.

Businesses grow and change and so do our families. Some of our partners gain influence and some remain in the background. Frequently this status or influence is abused in ways such as:

• Loans to oneself at the expense of others
• Manipulation of other members to gain desired votes
• Decisions made without some partners' participation or even knowledge

Family conflicts can end up destroying the entire business, harming all parties. Unlike in a corporation, you cannot easily sell your shares and wash your hands of the matter. Let an Ohio estate planning attorney help you protect yourself.

Business Succession

The period of greatest change in a family business is succession from one generation to the next. The company president may be an aging father (or mother), susceptible to undue influence or poor decisions. Letting go of business control can unleash conflict.

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Inheritance also coincides with business succession, and injustices may be done in regard to personal property or assets. If you are treated unfairly, talk to an Ohio estate planning lawyer who devotes his or her work to issues like yours.