Research suggests that family businesses may be more vulnerable to fraud. Prevention efforts can be hampered by loyalty and affection. For example, it can be awkward to exercise authority over one’s family members, which is essential to carrying out most internal controls. Also, even when legal action is an option, families rarely want to pursue
family business Archives - Crawford Ellenbogen
Jul 15, 2020
Jul 8, 2020
Business succession and estate planning: It can be complicated
- By Victor Dozzi
- Estate
- 0 Comments
Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and family members often have conflicting interests. By starting early and planning carefully, however, it’s possible to resolve these conflicts and transfer the business in a tax-efficient manner. Ownership vs. management succession One reason