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Dear :
Before we get to this month's article on transitioning family businesses, we first want to announce the launch of our newly redesigned website! The last few years have brought changes to our business and we thought the website should reflect those changes. Our web address is still the same: www.harvestbusiness.com.
Please take a look and let us know what you think. We welcome your feedback.
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Transitioning Family Businesses in Difficult Times
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Passing the family business down from generation to generation is always more difficult than it should be. The continuing economic conditions are making these transitions extra difficult and stressful. Too many great businesses are continuing to struggle in survival mode because of a relentless market. Yet, for many families, the time for transition from one generation to the next cannot be put off much longer.
Take the case of Joe and Joan Smith. They have been providing outstanding finish carpentry services for over 25 years. Their children, Beth and Bob Smith, have worked in the business the last 10 years. They have one other daughter, Brenda, who does not work in the business and who is very concerned that she gets her "fair share".
The Smith's plan was that Beth and Bob would buy Joe and Joan out in 2009; but the cash flow just was not great that year and, therefore, the business value was not sufficient to fund a buy-out to allow Joe and Joan to retire and live the way they planned. Now Joe is starting to have serious health issues that are interfering with his ability to run the business and something needs to be done.
Sound familiar?
Unfortunately, this scenario is becoming all too common as the slow economy drags on and recovery remains a dream.
How does the Smith family work this situation out?
To find out more about what decisions the Smith family made in passing on the family business, read the entire article on our Harvest Blog.
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Thanks from the
Harvest Team!
Greg Caruso (410) 507-5441 Email
Ed Davis (301) 325-7687 Email
Arnold Heckman (301) 572-6000 ext. 312 Email
Glenn Molin (540) 287-1776 Email
Visit us at harvestbusiness.com
443-334-8000
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