Wenatchee World Business World
Author: Lindsey Weidenbach

Family businesses are the backbone of the American economy, but when it’s time to pass the business to the next generation, thorny issues can arise such as sibling rivalries and tax implications.

You would think mom, granddad or whoever started the business might anticipate that and make sure any potential complications are straightened out in advance. But in reality, 73 percent of family business owners say they don’t have a documented succession plan in place, according to a survey by PricewaterhouseCoopers.

And that’s unwise.

There are a lot of aspects to an effective succession plan and you can run into numerous snags if you aren’t careful.

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