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How to Manage an Inherited Business
March 3, 2009 -- CNNMoney
Brian Raftery stresses the importance of succession planning for small business owners in “How to Manage an Inherited Business.”
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How to manage an inherited business: When an entrepreneur dies, loved ones are forced to make tough decisions
March 3, 2009 -- CNNMoney.com
Brian Raftery advises that owners of small businesses have wills and succession plans in place long before they anticipate needing them, to avoid a hurried and possibly unsatisfactory forced succession plan if the owner dies without having planned properly. This is particularly true, he notes, in some jurisdictions that do not automatically transfer the business to the surviving spouse when there are children.