Family Business Succession TrustContinuation of the family business
A family business is a business in which one or more members of one or more families have a significant ownership interest and significant commitments toward the business’ overall well-being.
However, family members are often involved in the operations of their family business in some capacity and, in smaller companies, usually one or more family members are the senior officers and managers.
The Rockwills Trustee’s Family Business Succession Trust creates a structure for the continuation of the family business with or without the involvement of the family members.
The existence of family participation in the business can strengthen the company because family members are often loyal and dedicated to the family enterprise. However, family participation as managers of a business can present unique problems because the interests of a family member may not be aligned with the interest of the business.
The objectives of setting up the Family Business Succession Trust are:
To clarify business goal.
To provide financial security for the families of the current owners who may or may not be involved in the business.
To avoid fragmentation of the company due to inheritance.
To ensure a smooth transition following the retirement, incapacity or death of a key person.
To achieve the long term health and viability of the business controlled by the family preventing a sale of the business.
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