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12 Family Business Ideas—Plus Tips for Starting a Family Business

Christine Aebischer

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

If you’ve been thinking, dreaming, and planning to start your own small business, it can be overwhelming to consider all the steps and work it will take. Wouldn’t it be easier if you had some help along the way? That’s why many people choose to start their small business with their family.

Once you have the support of family members in starting a business, you just have to choose from all the great family business ideas. There are many family business ideas that take little to no overhead to get off the ground and running.

When starting a low-overhead small business with your family, all you need is time and energy—and a great idea, of course. Check out these family business ideas for some inspiration.

family business and planning

Family business ideas with low overhead costs

These are just some of the great family business ideas out there. The important thing to remember when starting a business with your family is choosing something you all enjoy.

1. Child or elder care

One small business option to start with your family is a child or elder care business. One of the benefits of this type of family business is that you can provide care in your place of residence or in the residence of the person you’re taking care of. Not needing a place to operate your business other than your own home greatly lowers the cost of operations.

You can start this family business simply by advertising to the people you already know or on a caregiving website like Care.com. Offer to fill in here and there as a date-night babysitter or to simply help out an elderly neighbor. Once you’ve built credibility, you can advertise your services online or get your start through word-of-mouth advertising from one customer to the next.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

2. Errand service

If you’re in need of some extra cash, an easy way to help out those around you is to offer to run errands. Most people who work a traditional office job are short of time. If you have the time, they’re willing to pay for the service. Some ideas for errands you can run for others:

Grocery shopping

Meal planning

Dropping packages at the local post office

Wrapping presents at the holidays

Buying kids’ school supplies

You can use sites like Fiverr and TaskRabbit to advertise your services, which can be especially helpful when you’re first starting out.

3. College consulting

Most high school students (and their parents) are anxious about navigating the college admissions process. There are a lot of steps to take, from visiting schools, completing applications, writing essays, taking tests, and finding scholarships or loans. The entire process can be overwhelming for students and parents.

If you’ve sent a kid or two to college, or have recently been through the process yourself, it’s likely you have a good working knowledge of how the system works.

The best part about starting a family business within this realm is that each member of your family can pick a niche that they enjoy and focus on that. In other words, you don’t have to do it all yourself, but your business can offer a variety of services, which can help you stand out from the competition. If you have a good working knowledge of FAFSA and the financial aid process, you can be a big help to students applying for loans and scholarships. If someone else has experience in writing and editing, then they could focus on the niches of college entrance essays and resumes.

Referrals will play a big role in your college consulting business taking off, but when you’re first trying to find clients, consider advertising around your local schools and libraries.

4. Celebration boxes or baskets

If you and your family love to craft and need an outlet to feed your artistic flair, offer to create gift baskets or celebration boxes for friends and family to give to loved ones. This can be a home-based business, meaning there’s no need to rent a space for your business.

The possibilities are endless, but some celebration box ideas include:

Off-to-college box

Graduation box

Birthday box

New baby box

Wedding box

Anniversary basket

Proposal box

Housewarming box

Really, any of life's big moments can be celebrated with a curated box of goodies. Each box can be customized to the preferences of the buyer.

With a physical product such as a gift box, advertising on social media, especially Instagram and Pinterest, can help to grow your business quickly.

5. Retail arbitrage

If you’d prefer to run an online business with minimal interaction with people, there’s an option for you: retail arbitrage.

Retail arbitrage is the idea that you can buy a product from one place and re-sell that item for a higher price in a different marketplace. For example, you might watch the CraigsList free section in your city and pick up high-value, well-maintained items. You can then sell those items on Facebook Marketplace for a profit. You can also find the yard and estate sales in your area to see what resale pieces you can find.

Another ecommerce business idea that requires minimal work on your part is running a dropshipping business. In essence, you act as the middleman between the customer, who places an order on your website, and the supplier, who fulfills the order.

6. Tutoring

Some students need a little extra help to ensure that they’re excelling at their studies. While you will need the knowledge to be able to help students with their homework and preparation for tests, much of what you will need is patience and kindness. Some students just need an adult to sit with them while they go over the material multiple times.

If you can provide the space, patience, and time a student needs, this family business idea could be perfect for you. Learn more in our guide on how to start a tutoring business.

7. Cleaning or fix-it services

One of the best aspects of operating your own business is the fact that you’ll get to set your own hours, your schedule, and your rate. If your family is especially handy or good with their hands, you can start a cleaning or fix-it service.

There’s a lot of flexibility with these types of businesses because you can offer only the tasks you enjoy and not the ones you don’t. For example, some cleaning services offer to do laundry, others don’t. As a fix-it person, you only take on jobs that you know how to do or want to learn. If you prefer to work on nights or weekends, you can even look into corporate cleaning. These types of businesses are totally customizable.

However, with other members of your family in on this business venture with you, you’ll likely be able to offer more services and work more quickly, so you can take on more jobs than a one- or two-person operation could.

Learn more about how to start a cleaning business .

8. Pet sitting

If you love animals, what better way to spend your time than taking care of neighbors’ pets who need to be walked during the day or while they’re away on vacation? As side businesses go, this one can be a lot of fun.

If you’re in need of some extra cash and are looking to start a small business, pet sitting can be an easy way to fill your time, offer love to animals, give back to your community, and make a little money.

This type of business can be all-encompassing or simple, it’s up to you. Depending on your transportation and space, you could offer extra services like taking animals to the vet and for grooming or even hosting a dog daycare or boarding services at your home. If those offerings seem like more work than you want, keep it simple by just offering to stop by people’s homes and feed animals while they’re away on vacation. You make your business what you want it to be.

9. Mentoring or teaching

No matter what work you’ve done with your life so far, you’ve been acquiring knowledge. In all likelihood, there’s someone out there who would like to have that knowledge. You can offer to mentor people who are interested in learning the skills that you have. For a small cost, you help them learn what you already know and make sure they’re putting those skills to good use.

There are many different ways to offer mentoring services. You might meet with people one-on-one for coffee or you can keep it digital by starting a website, blog, ebook company, or podcast.

10. Property rental

While many of the businesses on this list require minimal to no overhead for getting started, this one will require either capital or resources to get started. If you own more than one property or have the resources to buy a second property, you can begin to rent your property to other people. This is a business endeavor that can be especially helpful to have family on board for, as additional people can help bring funds to the table, as well as help manage the property.

Once you have a property to rent, you might do this through long-term rentals with a traditional lease or you can set up a profile on Airbnb and pull in some extra cash by renting your property to vacationers. Depending on your location and the size of your property, this could be a very lucrative family business idea.

11. Gardening or lawn care

If you like to spend time outside or just love taking care of plants, consider starting a gardening or landscaping company. Many people love to have fresh vegetables in their garden and green, weed-free grass, but simply don’t have the time to maintain either.

While a lawn care business will require some equipment to get started, many people have their own gardening or lawn care materials that you can use while you’re still getting started.

12. Farmers market vendor

If you’re crafty, have a garden, or enjoy canning or baking, you have a big opportunity to sell your goods at farmers markets. Many people prefer to buy from local vendors and there’s a boom in farmers markets right now. No matter what you love to make, for a small fee, you can rent booth space at a farmers market and sell your wares.

Plus, farmers market customers love a good business story, and what’s better than running a family-owned small business?

Tips for starting a family business

While many of the businesses on this list require minimal skill, business-knowledge, or startup capital, there are still a few things to be wary of when going into business with your family.

1. Set boundaries

You love your family, but they’re also likely the people who know just how to push your buttons. Boundaries between your personal life and work are especially important when you go into business with your family. Thanksgiving dinner is not the time to be talking about your profit and loss statement. Set those boundaries early so you can still enjoy family time away from the business.

2. Set clear roles

One healthy way to set boundaries within a family business is to ensure that each family member who works in the business has a unique role. When each person has a role that’s aligned with their skills, you’re all less likely to step on one another’s toes.

3. Create communication channels and expectations

Communication is a huge barrier to many small businesses. Without consistent communication, the business can fail. Set up expectations for when and what to communicate, what channels to communicate on, and who must be included for what types of communication.

4. Don’t play favorites

One of the difficulties of going into business with family members is the temptation to play favorites. Employees who are also family members shouldn’t be given special treatment in pay, scheduling, feedback, or promotions. A smart way to avoid an issue with favoritism is to not hire family members who are seeking employment from you as a last resort. Hire family members who are interested in the business and want to work there.

5. Make it official

If you’re hiring a family member in your business, make it as formal as if you were hiring any other employee. You should have a contract that stipulates compensation, duties, expectations, and anything else an employee needs to know. Writing things down and making formal agreements makes it less likely you’ll have a disagreement later on.

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Start Your Dream Business

The final word

While some people may recommend not starting a business with your family members because of potential disagreements and falling-outs, you would also miss the benefits and joy of working on a business with your family. If all small businesses avoided hiring family members, there would be a lot fewer small businesses in the world.

Deciding which family business idea is right for your particular family is the first order of business, but once you’ve all agreed on one and start taking steps to launch your business, you’ll also want to consider how to fund your family business.

This article originally appeared on JustBusiness, a subsidiary of NerdWallet.

On a similar note...

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Family Business Planning

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Business Continuity & Contingency Planning

Business ethics & nepotism, how to set up a computer with administrator privileges.

  • The Impact of Corporate Governance Practices on the Investment Decisions of Companies
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Family businesses extend far beyond typical “Mom and Pop” enterprises. In North America, between 80 percent and 90 percent of businesses are family-owned, including 37 percent of Fortune 500 companies, according to the 2004 article “The Family Business: Statistics, Profiles and Peculiarities.” Family-owned businesses in the United States include Wal-Mart, Ford, J.P. Morgan and Levi Strauss.

Family business planning must take into consideration the particular challenges of familial cooperation, including estate planning and business strategy development. However, oversight and cooperation can help alleviate some of these potential tensions.

Business Strategy

Family business planning may include developing strategies for business stability and growth. Issues may include marketplace assessments, technology adoptions, competition assessments, the development of financial goals, and the fine-tuning of the company's mission and long-term goals for the family business.

Estate Planning and Succession

Because family businesses become extremely vulnerable to instability and collapse during times of generational transition, it’s important to have family business planning processes in place before transitions are imminent. Two-thirds of family businesses don’t survive generational transitions, according to “Family-Owned Businesses.” Effective family business planning can outline steps leading to transitions, including buy-outs and shifts in responsibility and duties. It’s probably a good idea to work with an estate lawyer when drawing up the mechanisms proceeding major transitions.

Communication

In some instances, communication during family business planning can be facilitated by a third party. Third-party groups can lead negotiations surrounding family business planning to avoid conflict. If conflicts have already arisen during the family business planning process, including litigation, third-party groups can provide additional confidentiality and disclosure protection.

Family businesses are especially vulnerable to embezzlement because of inherent trust levels, according to “Employee Fraud and Embezzlement.” Family business planning may include oversight and internal checking measures for prevention. In some instances, family business planning guidelines might include prohibiting the same person who records receipts from booking sales or generating invoices. Family leaders can also require authorization before checks exceeding a specified amount are approved. Forensic accountants can be hired to complete periodic audits to ensure transparent, accurate bookkeeping.

Conflicts can arise in family business planning when business matters leach into the family’s life outside of work, according to “The Family Business.” Familial rivalry, family members assuming roles not their own and unchecked family conflicts can all lead to instability within the business during planning processes.

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Morgan Rush is a California journalist specializing in news, business writing, fitness and travel. He's written for numerous publications at the national, state and local level, including newspapers, magazines and websites. Rush holds a Bachelor of Arts from the University of California, San Diego.

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Family Business Succession Planning—Tips for Success

Planning needs to start early

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

family business and planning

Every company that wants to pass on its business to the next generation needs a business succession plan.

Sooner or later, everyone wants to retire. However, determining what happens to the business can be as important as ensuring that you have enough money to retire on. Who's going to manage the business? How will ownership be transferred?

With family businesses , succession planning can be especially complicated because of the relationships and emotions involved and because many people are not comfortable discussing topics such as aging, death, and financial affairs.

Business Structure, Ownership, and Taxes

The assets of a sole proprietorship  or partnership are indistinguishable from the personal assets of the owner. Separate the business from yourself by forming a corporation that can continue to operate after it is sold or after the owner has died.

If transferring the business, it's important to realize that management and ownership are not the same. You may decide, for instance, to transfer management of your business to just one of your children but transfer equal shares of ownership to all your children, whether they're actively involved in operating the business or not.

However management and ownership are defined, accountants and lawyers who specialize in business succession planning can provide advice about strategies to minimize taxes when the transfer takes place.

By reorganizing your corporation to exchange your common shares in the business for preferred shares with a fixed value equal to the common-share value, you can pass all future capital appreciation and income tax liability on that future appreciation to your children while you retain control, and access to the current value of the business, in effect freezing the corporation .

Succession Planning Tips

Family is the primary emphasis of succession planning for many businesses. Whether you're thinking about the future management of your business, how ownership is going to be passed along, or taxes, you won't be able to help thinking about how your decisions will affect your family. Consider six key tips to have the best chance at a successful transition.

  • Start planning early: Five years in advance is good, but 10 years in advance is better. Many business advisers tell budding entrepreneurs to build an exit strategy right into their business plan. The longer you get to spend on succession planning, the smoother the transition process is likely to be.
  • Involve family members in discussions: Making your own succession plan and then announcing it is the surest way to sow family discord. Discussing the plan helps to identify who in the family wants to be involved directly and who is focused elsewhere. It also might help some family members find interest in the business they didn't know they had.
  • Be realistic: You may want your first-born son to run the business, but does he have the business skills or even the interest to do it? Perhaps there's another family member who is more capable. It may even be that there are no family members capable of or interested in continuing the business and that it would be best to sell it . Examine the strengths of all possible successors as objectively as possible.
  • Do what's best for the business: Making sure everyone has equal shares seems nice, but it may not be in the best interests of your business. It may be fairer for the successor(s) you have chosen to run the business to have a larger share of business ownership than family members not active in the business. Another alternative is to use voting and nonvoting shares so that only some of the family shareholders can make decisions on company policy. It may be best to transfer both management and ownership to your chosen successor and make other financial arrangements to benefit your other children.
  • Train your successor(s): How can you expect your successor to take over and run your business successfully if you haven't spent any time training him? Your succession planning will have a much better chance of success if you work with your successor(s) for a year or two before you hand over the reins. For solo entrepreneurs, sharing decision making and teaching business skills to someone else can be difficult, but it's definitely an effort that will pay big dividends for the business.
  • Get outside help: Lawyers, accountants, financial advisers, and others can help you put together a successful succession plan. There even are companies that specialize in family business succession planning that will facilitate the process of working through issues.

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ECG INSIGHTS

April 29, 2022 Family Business , Insights

How to Have Successful Succession Planning for a Family Business

Planning for the succession of a family-owned business takes organization and communication, as this process requires the vital exchange of leadership duties. Since the COVID-19 pandemic and subsequent uncertainty, family businesses have seen how quickly circumstances can change regarding employment, the economy, and business operations. To stay on track for family business transition planning, the best thing families can do is to have a succession process.

There is a multitude of factors that constitute the succession planning process. To address these factors and work through complications, it is important to understand the benefits, challenges, and principles of succession planning.

Succession Planning: A “Perennial Problem”

Some call succession planning a “perennial problem,” meaning that the challenges a family endure while passing through a transition will persist into the next generation and generations to come. With proper succession planning and communication, next-generation family members can be set up for success and preserve the business’ interests.

One of the key benefits of the succession process is that it preserves the family legacy. Planning ahead means that all of the factors of running a business — finances, employment, and marketing — will be clearly defined for future generations. Part of this organization also means that the roles different family members will assume are clear to avoid confusion or conflict.

Consider if something unexpected happens, and one family member in charge of finances suddenly decides to take a different path. Proper family business transition planning can smoothly address this problem. Since the details of the business operations are transparent, another family member could step into this role and assume responsibility. This will allow the family business to remain stable during an uncertain time and protect the interests of the family firm.

Another benefit of succession planning is that children and grandchildren will have time to learn about what it takes to run the business. This planning period allots for training and the opportunity to work through challenges with guidance from the senior generation. This also allows younger generations to explore their future role and ask questions or make changes.

Many family businesses employ workers outside of the family, which is a key challenge for family business transition planning. Employees who have been in the business for decades may feel alarmed at the change in leadership or may feel overlooked because they are outside of the family. Senior generations should address this challenge by fostering quality relationships with all employees that show them they are valued. Transparency is also essential, as this communicates to employees that they are not left in the dark during a transition process. If they know the general succession plan, they are less likely to feel shocked or disarmed when next-generation family members step up.

Another challenge within long-term succession planning is deciding which family members will assume which roles. This can be an emotional process if surprises or conflicts arise within the succession plan. Open communication is essential, as this will include all key family members of the next generation in the planning process.

Finally, some family businesses face the challenge of diminishing interest from younger generations. Younger family members may not feel as drawn to running the business if they are not aware of the history and hard work that made it successful. When addressed early on, these issues can be worked out between current leadership and the next generation over time.

Guiding Principles

There are a few guiding principles of proper business succession planning that are helpful to keep in mind. Remember to start family business transition planning as early as possible. Planning allows for enough time to work through conflict, place family members in the right roles, and preserve ownership interests if something unexpected happens.

Also, remember to communicate goals openly. The current business owner and board members should be clear in sharing ideas, insights, and future plans for the business. This will allow the next generation to challenge and discuss these goals and work toward a shared vision that preserves the business’ legacy.

As mentioned, one of the challenges in a family business succession plan is placing the right family members in the right roles. To make this process smoother, talk about these intended roles early on and have a plan for the next generation. This will keep certain members from feeling left out of the picture or forgotten when the time comes to transition the business.

Best Practices for Successful Succession Planning

There are some best practices to follow when forming a succession plan for increased success. These practices rely on the principles of open communication and a willingness to hear new ideas. As decades pass, family businesses need to grow and adapt to a changing world. This means that family business leaders should be open to hearing from successors while also sharing years of knowledge and experience to help the business grow.

Do Not Commit to Succession Decisions Too Early

When formulating a succession plan, remember that roles and responsibilities can be flexible. What works for one family member now may not be the best fit in five years when they are ready to enter the business. Take your time to consider all of the factors within family business transition planning, and don’t commit to a decision too early. Hear from other family members about their ideas and strengths before making final decisions.

Talk Openly About Plans for the Future

Open communication will foster trust within family businesses. Do not leave plans for ownership interests or business valuation in the shadows. Younger generations will feel empowered to take on new roles if they are included in important conversations. Be open about future plans and their justification.

Work With a Family Business Adviser

Just because a succession plan is a family matter, that does not mean there are not ample resources to help with this process. A family business adviser is a trained professional who can help in business succession planning. Whether you need help finding the right roles for your family or you need help in fostering open communication, count on the assistance of a family business adviser.

Letting the New Owner Take Over

When it is time for a new leader in the family firm, there are a few considerations to remember during this process. Family business transition planning involves plenty of preparation, so when the time comes to make a switch, do not forget that the senior generation should remain involved and open to communication. Here are a few tips for family businesses to aid in this process.

  • Be Patient –   The day or week after ownership has transferred, the work is not over. If you are part of the former family business owners who have passed the torch, remain involved, especially at the beginning, so you can answer questions, provide feedback, and work through any issues. It is essential to set a positive tone right from the start, and being willing and able to help out is a great way to do so.
  • Embrace Positive Changes –   If your family has done the work for successful business succession planning, there should not be too many surprises when ownership transfers. However, even changes you are expecting can feel jarring. Remember that positive change is good and moves the business forward. Whether new ownership implements new technology, new structure, or another change, remain open to these ideas and ask questions to learn more.
  • Remember the Details –   Passing off duties to new family business leaders is an exciting time, but remember to complete all the necessary paperwork and smaller tasks. Factors such as taxes for business assets and expenses need to be addressed to help the next generation succeed as part of the family firm.

What to do When Taking Over a Family Business?

If you have been put in a new role as part of your family business succession, it can feel challenging at first to adapt to these responsibilities. All family businesses are different and will face unique challenges, but there are a few tips that can help you succeed.

  • Work Within the Succession Plan –   If your family has spent time forming a succession plan, work within this framework. It takes time and consideration to outline this transition, and there is no need for you to work from scratch if you already have a well-thought-out plan to guide you.
  • Take Advice –   Being part of a family business means having tons of resources at your disposal. Do not hesitate to engage with your family about business questions, financial concerns, marketing efforts, or any other factor that makes up your business. Count on the experience of previous generations to drive you toward success.
  • Foster Quality Culture –   As family business leaders, you are responsible for keeping a healthy company culture. Do not discount the importance of showing employees they are valued. This is especially true if you are stepping into the business owner role, as you want your employees to feel comfortable talking with you. Setting a high standard of communication makes family and non-family members feel valued at your company.
  • Do Not Discount Hard Work –   Even if your responsibilities change, do not forget to maintain high standards for yourself. You want to demonstrate that you are willing and able to successfully run the business and tackle the challenges that come with it. Do not forget to work just as hard as those around you and maintain your credibility.

FAQ’s

How do you plan a succession for a family business? There are many steps you can take for successful family business transition planning. You can start by defining your company’s values and goals and form a plan that aligns with these. Remember to also work toward placing family members in the right positions in the chain of succession. Once these plans are solidified, talk with non-family members in your business to keep them aware of plans and help alleviate conflict.

What factors should be considered when a succession plan is developed for a family business? Consider how the market you are in will change in the coming years when developing a succession plan. Map out possible financial trends and economic conditions. Of course, some of these changes are unpredictable, which is why it is important to engage your family in the business plan and responsibilities so you can easily adjust when something unforeseen happens.

What is a family business plan? A family business plan is a strategy for future business growth and development that incorporates family members into a line of succession. Family business plans may include economic considerations, technology adaptations, and competitor analysis.

What is the family business in succession? Family business succession is the process of transferring ownership and leadership from one generation to the next. Depending on the size and scale of the business, this may involve just a few immediate family members or extended family. This process consists of delegating roles, mapping out business plans, and communicating between family members.

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Whether your family owned business is a Main Street mom-and-pop or a Wall Street powerhouse, a well-written succession plan can be crucial to the future success of both the company and the family.

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If you don’t have a succession plan in place, you’re not alone. According to PwC , only 18% of America’s family-owned businesses have a documented strategy for handing over the reins.

Of course, this isn’t just any business we’re talking about. It’s your business, and your family’s. ‘Those without a plan’ is not the group you want to be in. Like so many other important tasks, the hardest thing is getting started. Here are some key steps.

Choose the right business structure

Many small businesses begin life as sole proprietorships or partnerships. If you launched that way, it may be time to take another look at your structure. As The Balance points out, forming a corporation will legally separate you from your business—a key step toward a smooth transfer, even if that transfer turns out to be a sale to a non-family entity.

The right business structure can set your successors up for a reduced tax burden. And, if you desire to remain a sole proprietor, you can still make your wishes for the business known by including them in your estate planning.

[Read: Getting Ready to Launch? How to Choose the Right Business Structure ]

Have a mission statement and a set of core values

You’re not just passing along some office chairs and a customer list. The big idea that launched your business is your why, and it’s what separates your family-owned business from the competition. Knowing you have clearly communicated your vision will help others understand their place in the organization and give you confidence to make the difficult decisions ahead.

According to a report from Deloitte , as time passes, the importance of family values increases, and may be the one thing that binds successive generations together. Stated family values can act as a roadmap for decision making, a magnet for like-minded employees and business partners, and a metric by which to measure success.

[Read: Writing a Mission Statement: A Step by Step Guide ]

Succession planning is not the time to make assumptions about what the next generation wants and is capable of.

Choose your successor

Working with family can be complicated and few decisions are as fraught as choosing someone to replace you. Remember the purpose of a succession plan is to do what’s best for the future of the business, its customers, vendors and employees—not any particular family member.

Now is also the time to seek advice from a diverse group of non-family members. Start with your legal and accounting professionals for help with the basics. Job descriptions and skill assessments, for example, may narrow or broaden your list of potential successors. Board members, key customers and trusted vendor partners, whether or not they have specific personnel input, will be happy to know you are planning for succession.

Talk to prospective successors

Succession planning is not the time to make assumptions about what the next generation wants and is capable of. Including them in the process may reveal strengths and weaknesses crucial to your decision making.

According to Michael Klein , author of “ Trapped in the Family Business ,” this is the time for potential successors to ask themselves some honest questions. By reviewing their motivations, qualifications and the emotional weight of carrying on what the previous generation started, the children of business owners can assure themselves, and you, that the corner office is the right future for them.

Talk to non-family employees

You should keep key employees in the loop for several reasons: First, because they have a right to know a succession plan is in the works; and second, because of the valuable insights they may have about people and processes. Long-term employees may already be working alongside family members, giving them insight that you, as the boss, might not have. Asking their opinion is a sign of respect. Finally, your successor is going to need the acceptance and cooperation of non-family employees who may be the ones offering training. This crucial support is gained more easily if the non-family employee is part of the process.

If you’re concerned about losing rising stars, the truth is, it may happen. Those with ambitions to become CEO might look elsewhere when it becomes clear they are not in contention. The risk is necessary, however, and not everyone wants to be the boss. According to the Conway Center for Family Business , working for a family-owned business can have its perks. From the way they measure success (not just profits and growth), to the strategies they embrace (putting employees first, being socially responsible), family businesses can be a great place to work.

Making a plan is the first—and most difficult—step

Announcing your successor, getting them the education and training they’ll need and having an annual review of progress all remain on your to-do list.

Remember, succession planning is a good problem—a best-case scenario. It means your business has a future—one so bright it’s going to outlive your desire, or ability, to run it. You’ve always had a plan for the worst case. You should have one for the best case, too.

CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.

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A Blueprint for Family Business Succession Planning

  • Family business succession planning is complicated because it requires clients to make difficult decisions out of context.
  • That’s why attorneys must provide a blueprint of the entire process at the beginning of the representation to make the process more effective.
  • The blueprint will map out the process, but allow for any necessary changes along the way.

When the owners of a family business ask their attorney to advise them with business succession planning, counsel should begin with an outline that summarizes the entire process but that divides it into distinct projects that progress toward construction of a comprehensive succession plan. With the clients’ help, counsel can then refine the outline to more accurately reflect their circumstances, needs, expectations, and vision. This “blueprint” for the succession planning process will make the process more efficient, more effective, less stressful, and more rewarding for the clients.

The Case for Family Business Succession Planning

The most recent PWC U.S. Family Business Survey (2016) concludes that inattention to succession planning is a substantial problem for many family businesses in the United States. The authors of the PWC Survey found that owners of 69 percent of the family businesses surveyed expected ownership of the business to continue in the next generation, but only 23 percent had a robust, documented business succession plan.

The authors of the PWC survey call this finding “worrisome” and contend that serious problems such as the following can arise if a family business does not have a formal succession plan in place when owners cease to maintain control:

  • next-generation family members may be reluctant, unprepared, or unable to lead;
  • family members and other stakeholders may not support the choice for successor leadership; and
  • the business may not have enough liquidity to support transition of ownership within the family.

The authors of the PWC survey correctly suggest that many succession problems can be avoided or mitigated if family businesses plan for succession, rather than wait until “the last minute, when options may be more limited.” “Regardless of when a business thinks a changing of the guard will take place,” they conclude, “it’s important to always have a plan ready for that eventuality, since unforeseen circumstances can cause a sudden need for new leadership.”

The PWC survey results and its authors’ conclusions will ring true for attorneys who have experience working with family businesses. The chronic failure of family businesses to engage in formal succession planning is at odds with their tendency to focus on long-term performance better than businesses that are not family owned. In the 2012 Harvard Business Review article, “What You Can Learn from Family Business” , authors Kachaner, Stalk, Jr., and Bloch assert that “[e]xecutives of family businesses often invest with a 10- or 20-year horizon, concentrating on what they can do now to benefit the next generation.” These same family businesses, however, often have no real plan for how the next generation will realize those benefits as successor owners and leaders.

To be fair, one reason why so many family businesses do not engage in proper succession planning is because it is difficult and complex. Family business succession planning must take account of countless unknown future circumstances and current facts that are continuously changing and interacting, including business factors like the economy, the regulatory environment, and the state of the market in which the business operates, as well as family factors like family dynamics and the changing skills, maturity, career objectives, economic needs, and health status of individual family members.

Under these circumstances of pervasive uncertainty and complexity, it is understandably difficult for family business owners to comprehend how they could construct a proper business succession plan. However, if their attorney can provide them with an organized, logical, step-by-step outline for succession planning, they may be much more likely to begin the process and eventually develop the kind of “robust, written” succession plan that the authors of the PWC survey and other family business advisors advocate.

The Blueprint for Family Business Succession Planning

Attorneys can use much of the text of this article to create their own outline for family business succession planning. The section on each project includes commentary that provides a description of the project and an explanation of legal concepts and other substantive factors that may affect how the clients make decisions about the project. Although the projects are arranged in sequential order, they should be considered concurrently. The substance of the projects are interrelated; therefore, the clients should make decisions about each project with a solid understanding of how they intend to address projects that appear later in the outline.

One important prefatory piece of business: For the purpose of this article, the term “clients” is used broadly to include collective decision makers for the business and family. However, for each family business succession planning engagement, it is important to establish an understanding, in writing, about which parties counsel represents (and which parties counsel does not represent). For example, the attorney might choose to represent the business (or more accurately, some or all of the companies owned by the family) and/or the senior generation of owners (or some of them). If the attorney represents more than one party, he or she should obtain conflict waivers and joint representation agreements as necessary. The attorney should also ensure that the parties the attorney does not represent understand that the attorney does not represent them and that they should consider obtaining the advice of independent counsel before signing documents that the attorney has drafted as part of the business succession plan.

1. Collecting Information

Before counsel begins to design a family business succession plan, counsel should review copies of current business governing documents, related party contracts, and estate planning documents that might affect governance, ownership, or succession of the business. The clients and their other advisors should help the attorney collect these documents. This process also offers clients an opportunity to get their personal and business records organized and establish procedures for keeping them organized and current. For a list of information to request, see the sidebar entitled “Due Diligence for Family Business Succession Planning.”

2. Valuation

Proper family business succession planning requires a reliable valuation of the stock of the family’s primary business entities and other important business assets when planning commences and throughout the term of family ownership. If the clients do not already have current opinions of value, counsel should help the clients obtain them. This can help the attorney and the clients avoid major mistakes in the planning process that the attorney might otherwise make if working on faulty assumptions of value.

Obtaining a current valuation can help the clients in other ways as well. The evaluation process can reveal information about the strengths and weaknesses of the clients’ business that the clients can use to improve operations and profitability. The valuation professional can also help counsel draft the most appropriate purchase price language in the clients’ buy-sell agreements. Finally, the clients can maintain their relationship with the valuation professional to obtain updated opinions on a regular basis (such as every two years) for the purposes of the clients’ buy-sell agreements and for transfers of ownership interests within the family to implement the succession plan.

3. Business Continuation Plan

If there are key family members who are particularly important to the operations or success of the family business, then early in the succession planning process, counsel should help the clients establish mechanisms to address the disruptions that would be caused by the sudden death or incapacity of one of those key family members. For example, the attorney should ensure that the controlling owner has updated powers of attorney appointing an appropriate person to vote clients’ interest if suddenly rendered incompetent; the attorney should ensure that the controlling owners’ stock designates an appropriate transfer-on-death beneficiary (such as their living trust) to avoid the delay of probate if they die during the succession planning process; and the attorney should ensure that the clients have a plan to replace the chief executive, at least on an interim basis, if he or she unexpectedly exits the business. These are temporary measures that will be replaced or supplemented by more permanent structures and procedures when the clients have made more progress on their succession plan.

4. Restructuring

After counsel reviews the existing business documents and obtains input regarding business valuation, counsel should work with the clients’ accountants to help the clients determine whether the business should be restructured or reorganized. It may be that making changes to the legal structure or tax treatment of the components of a clients’ business will facilitate succession planning. For example, it may be easier to plan transitions of ownership if the primary source of cash flow is taxed as a partnership rather than a C corporation, or if the real estate assets are held in entities that are separate from primary operations. The attorney should work with the clients’ accountants to ensure that any restructuring will be tax efficient (including income taxes and transfer taxes). Counsel must take into account other advantages of restructuring, such as limitations of liability, operational efficiencies, and diversifying ownership opportunities for family members. The attorney should include plans for how new ventures will be added to the structure in the future.

5. Governance and Buy-Sell Structures

Before updating the senior-generation owners’ estate plans with respect to the allocation of ownership among their beneficiaries, and before the senior-generation owners make additional lifetime transfers of ownership interests to members of the junior generation (or trusts for them), counsel should help the clients design the rules that will regulate governance, ownership, and owner exits after control has transitioned down from the senior generation. This includes four topics, which can be addressed in the business’s governing documents and agreements among the owners.

a. Unit Voting

The power to exercise owners’ voting rights primarily includes the power to appoint (or remove) board members and approve (or veto) major transactions. The clients should consider who should have the right to exercise owners’ voting rights. In some cases, voting units can be held in trust, to be voted by a fiduciary or a committee of fiduciaries, or the owners can sign agreements about how they will vote their units on particular issues. Governing documents can also be drafted to increase the scope of actions that require owner approval.

b. Governing Board

Members of a governing board, acting collectively, usually have the following powers: power to appoint and remove top executives and determine their compensation; power to issue dividends; and power to oversee budgets and long-range business planning, risk management, and strategic planning. The clients must decide how the board will be composed and how board members will be elected. Clients should consider the advantages of requiring an independent presence on the board, especially after members of the senior generation exit the business. Under most default rules, each board member is elected by plurality, but it may be desirable to “classify” the board so that each substantial owner can have one or two seats on the board. Governing documents can also be drafted to increase or decrease the amount of actions that the board can authorize without approval of the owners.

c. Executive Authority

Executives and officers have power and responsibility to run the day-to-day business, hire and terminate staff, develop budgets and plans for approval by the board, and sign checks and contracts, including loan agreements (within limits set by the board). While senior-generation owners are alive and competent, their status as patriarchs or matriarchs may naturally enable them to help their children and grandchildren make decisions about executive authority and compensation among family members, but after they are gone, the business’s owners and board must have a way to make decisions about the appointments, titles, duties, and compensation of family members that will be fair and will not disrupt family harmony.

d. Beneficial Ownership

Owners of business equity (which can be referred to as “beneficial owners” when considered apart from the power to vote the ownership interests (discussed above)) have the right to receive profits and appreciation from business operations. (Note: If the owners are also employees, they may receive most of their annual economic return in the form of compensation.) The clients should consider whether nonemployee family members should own shares and whether shares should be held in trust (primarily to protect them from estate taxes and claims of creditors or in the event of divorce). The clients should also decide upon mechanisms for owner exits that are fair to the exiting owners but are not disruptive to the business. The acquisition, ownership, and transfer of ownership interests, including redemptions triggered by retirement or other separation from employment at the business, should be drafted into updated governing documents.

It should be noted that although the business’s governing documents can provide the legal rules by which the business is governed and owned, the clients should also consider developing a family constitution, mission statements, and other policies that will guide decision makers when they apply the legal rules. The business’s legal documents cannot express the spirit and philosophy of the family as effectively as the principles that family members write in plain English and agree together to uphold.

6. Key Contracts

The attorney should help the clients negotiate restatements of key contracts with third parties that should (or must) be updated to be more consistent with business restructuring and anticipated changes of control or ownership. Such contracts include loan facilities and franchise/dealership agreements. The extent to which such contracts cannot be changed may affect decisions about how or when to implement other elements of the business succession plan.

The clients should also consider whether written contracts for related-party transactions would make the succession plan more effective. Such contracts may include the following: leases between the operating business and family-owned entities that hold real estate or equipment used by the operating business; debt instruments for loans from owners to the business; reimbursement/contribution agreements among the business and the owners who have personally guaranteed business debt; and employment agreements for family members who work for the business.

7. Update Senior-Generation Owners’ Estate Plans

The attorney should update the senior-generation owners’ estate planning documents, including wills and revocable trusts, consistent with business restructuring and decisions that the clients have made about future governance structures and ownership rights. Updates should address the following: specific allocation of stock/unit voting rights; specific allocation of beneficial interest in business equity; disposition of other important business and personal assets; specific use of life insurance proceeds; the source of funds needed to pay estate taxes; and the structure, funding, and amount of charitable bequests.

8. Plan for Senior-Generation Owners’ Retirement

Before the senior-generation owners transfer control and substantial equity interests to the junior generation, counsel should work with the senior generation and their financial advisors to help ensure that senior-generation members will have sufficient economic means to support them indefinitely in retirement (or in the event of disability). In particular, counsel must seek means of support, cash flow, and assets for retirement that are not dependent on the success of the next generation of owners of the family business. Although plans like unfunded deferred compensation, private annuities, or seller-financed redemptions may look good on paper, they may place disproportionate risk on members of the senior generation when they are no longer in a position to affect business outcomes.

9. Lifetime Transfers to the Next Generation

Ideally, the senior-generation owners will be able to oversee the transition of leadership and ownership of the family business to the next generation through lifetime transfers, rather than rely on post-mortem contingency planning. Counsel should work with the clients’ accountants to design lifetime transfers that are tax efficient, but the attorney should not sacrifice the financial well-being of the senior generation in a blind rush to redistribute wealth to avoid estate taxes. In most cases, a combination of diverse approaches to estate tax planning can give the clients time to implement a family business succession plan at a pace that makes business sense and is more likely to meet the long-term economic needs of the senior-generation owners and their successors.

Family business succession planning is complicated because it requires the clients to make many difficult decisions out of context. However, by providing the clients with an outline or blueprint of the entire process at the beginning of the representation, and by keeping that outline updated as decisions are made and projects are completed, counsel can make the process more effective, more efficient, and ultimately more successful.

Further, like a blueprint for building a house, the outline provides direction for original construction, but it does not foreclose the possibility of future modification, renovations, or improvements. As the authors of the PWC survey advise, “[O]nce a plan has been put into place, it shouldn’t be treated as a one-time event. Good succession planning involves a series of intentional, well-coordinated, strategic efforts, sustained over time . . . .”

Due Diligence for Family Business Succession Planning

At the start of a new representation with respect to family business succession planning, counsel should identify the clients’ key advisors, including accountants, financial advisors, and insurance agents. The attorney must ask the clients and their advisors for the following documents and information:

  • Articles of Incorporation/Organization
  • Shareholders’ Agreement/Operating Agreement
  • Voting Agreements or Voting Trusts
  • Table of current ownership
  • Leases or other agreements between the business and any other family entity
  • Any employment contracts with family members
  • Any deferred compensation or other nonqualified retirement benefit contract between the business and a family member
  • Any personal guarantees of the business debt
  • Revocable Trust or Trusts
  • Irrevocable Trust or Trusts (if any)
  • Marital Property Agreement (if any)
  • Powers of Attorney for Health Care
  • Powers of Attorney for Financial Matters
  • Most recent formal or informal valuation of the business
  • Most recent indication of value of business assets (and statement of balance of any mortgage debt)
  • All substantial loan facilities for business debt and related security documents
  • Statement of assets and liabilities
  • Summaries of retirement plan assets and benefits, including Social Security, deferred compensation, and any pensions
  • All contracts of insurance on the life of any senior-generation owner, including policy owner, beneficiary designations, pledges or assignments, and in-force illustrations
  • Family constitution, family mission statement, family employment policy, family counsel charter
  • Family (charitable) foundation documents, donor advised fund contracts, or other collective charitable giving information
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  • Corporate Law - Close Corporations
  • Corporation Law - Valuation

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​  ​​ ​ Hyden Zakheim, LLP ​

Providing effective representation locally, since 1991.

​ Tim Hyden,  Attorney & Partner

​18 Crow Canyon Crt. Ste. 380 ​San Ramon, CA 94583

​(925) 831-0636

Simona Zakheim,  Attorney & Partner

18 Crow Canyon Crt. Ste. 380 ​San Ramon, CA 94583 ​

(925) 831-0636

Tim Hyden , Attorney & Partner

Simona Zakheim , Attorney & Partner

Amanda Sinclair , Senior Attorney

JoAnn Maxcy , Paralegal

Ashley Eichenbaum , Paralegal & Notary

​PRACTICE AREAS

  • Civil Litigation
  • Business and Real Estate, planning and litigation
  • Probate and Probate Litigation
  • Personal Injury

I have had the pleasure of growing up and living all my life in the Bay Area. Over the years I have seen Northern California transform from a group of small cities to a multi-cultural metropolis. The growth and development of this unique area has played an important role in the way I practice law. Since 1986 I have provided legal counsel in a variety of areas to an ever emergent population. My approach to the practice of law is as distinctive as my clients:  1) Clearly identify the Client's legal problem, 2) Strategize with the Client to determine the most effective and least expensive approach to solving the Client's problem, 3) Attempt to resolve the problem informally outside of Court, 4) If informal resolution of the Client's problem is impossible, aggressively represent the Client in court proceedings, while protecting the Client and resolving the Client's problem.

  • J.D., McGeorge School of Law, University of the Pacific, Sacramento, California, 1986
  • B.A., University of California, Davis, Davis, California, 1982

Professional Associations and Memberships

  • Estate Planning Council of Diablo Valley, Board of Directors
  • Tri-Valley Estate Planning Council
  • Professional Fiduciary Association of California, Affiliations Member
  • Contra Costa County Bar Association, Member ​

Classes/Seminars

  • Adjunct Professor of Law, John F. Kennedy School of Law, Pleasant Hill, CA, 1999 - Present
  • Speaker, Continuing Legal Education, Contra Costa County Bar Association
  • Speaker, Brown v. Board of Education Seminar, John F. Kennedy School of Law

                                           

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My family immigrated to the United States in 1978 when I was 8 years old. I still have childhood memories of life outside the United States. Some memories are pleasant, others are not. Growing up in the US under the watchful eye of hard working immigrants taught me to strive for success at every turn. I learned to fight for my beliefs, I learned perseverance and most of all I learned that I can define the direction of my achievements. These lessons helped me graduate toward the top of my class from Loyola School of Law, New Orleans in 1995.

My first position after law school was with a firm in down town Los Angeles, focusing on general civil litigation. In 1997 I moved to Northern California where I married my husband. After a few more years as an employee in the legal field, I decided to take some of my parents' lessons and strike out on my own. My family background coupled with my experience in law and running a business provides my clients with an attorney who is strong, compassionate and has the resolve and determination to fight for her clients. As an attorney I have learned the law. But as a business owner, I have developed strategies to problem solve, negotiate and help my clients achieve their goals. When taking on a new matter, I work with my client to first determine the most effective course for the case. This includes defining the goals and objectives, but it also requires a careful analysis of my client's personality. Some clients are fighters and need an aggressive knight who battles for the client's beliefs. Other clients prefer a more collaborative approach and need an attorney who finds creative solutions outside the courtroom. Finally, I believe that as a good advocate I need to provide not only a "legal win" for the client, but a "win" that can actually translate to that client's real world. In sum, I believe an attorney and her client share a bond that reaches a step beyond the law. It's no accident that attorney-client communication is privileged just as communication between doctors and religious leaders. Clients often share their confidences, their concerns and their fears. It's my job to tailor my representation for each client to independently match the needs of that individual. It is with these beliefs, convictions and human understanding, that I offer my services to my clients. Mrs. Zakheim has been practicing law in California since 1996. Her areas of practice include family, immigration, estate planning and business. In the area of immigration her visa approval success rate is over 98%. Although there is no way to quantify success in family law cases (unfortunately almost all end in divorce) her typical client's have this to say about her: "For me, the process of divorce was a confusing and often overwhelming experience. It was a relief to have Simona Zakheim representing me. Simona was a knowledgeable and reliable advocate for my interests. She was thorough, efficient and resourceful in reaching the best possible resolution for me." (Actual client 2010 case) "Dear Simona, I want to thank you again for all of your help and expertise. I know your heart was really involved and I appreciate that more than anything." (Actual client 2009 case) "Dear Simona, You have done a great job on my case. Thank you very much. I will recommend you to my friends." (Actual client 2008-2009 case) "Simona, thank you for not only the thousands of dollars you saved me but for the countless hours of stress and heartache. Your guidance was invaluable." (Actual client 2007 case) Education

  • J.D., Loyola University New Orleans School of Law, New Orleans, Louisiana, 1995
  • B.A., California State University, Northridge
  • Contra Costa County Bar Association
  • California State Bar
  • American Immigration Lawyers Association
  • Special Needs Trust Planning

I was born in Augsburg, Germany and grew up in the San Francisco Bay Area. I received my Bachelor of Arts, cum laude, in Economics from the University of California, Los Angeles in 1993. I received my juris doctor from the University of California, Hastings College of the Law with a Tax Concentration in 1997. I was admitted to the State Bar of California in December 1997. I am also a licensed California real estate broker. My practice focuses primarily on probate matters, including administrations and other matters before the probate court, conservatorship matters, trust administration, and trust & estate planning. Court accountings are of particular interest to me.   I find deep, professional satisfaction assisting and advising clients during times of personal difficulty and stress. I am happy to interface with other service providers, such as, accountants, realtors, and financial advisors, to provide seamless client service. My clients include individuals, trustees, conservators, personal representatives, and non-profit agencies.  I have been associated with Hyden Zakheim, LLP since March 2016. Prior to joining Hyden Zakheim, LLP, I was a parnter at Trust & Probate Law Group for nine years. Before joining Trust & Probate Law Group, I practiced in the areas of global stock planning, international corporate structuring, business entity formation, venture financing and corporate governance, including human resource, real property, and tax matters.  My personal interests include volunteering for organizations assisting families with children with special needs and local libraries, running, and hiking.  Of particular interest to me is helping families with children living with autism, special medical needs, or developmental disabilities in order to maximize their potential, independence, security and happiness. In May 2013, I joined the Family Advisory Council at UCSF Benioff Children's Hospital Oakland as a council member.

  • J.D., University of California, Hastings College of the Law, 1997
  • B.A., University of California, Los Angeles, 1993
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Ashley graduated from UC Davis in 2011 with a B.A. in Sociology. She began her legal career working with Ms. Sinclair as an administrative assistant and bookkeeper in February 2014, then became a Notary in July 2014. After a year of legal experience, Ashley became a paralegal in August 2015. She then joined HZ in March 2016 as a Paralegal, Notary, and Bookkeeper.

Amanda Sinclair,  Senior   Attorney 

18 Crow Canyon Crt. Ste. 380 ​San Ramon, CA 94583​

​​ Ashley Eichenbaum,  Paralegal & Notary

18 Crow Canyon Crt. Ste. 380 ​San Ramon, CA 94583​ (925) 831-0636

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Four Estate Planning Steps to Promote Peace in Blended Families

The unique dynamics involved when a family includes biological children, ex-spouses and stepchildren mean it’s even more important to communicate and plan.

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A blended family smiles and laughs together at a family barbecue.

Estate planning is an important aspect of securing the financial future of your loved ones. However, when it comes to blended families, navigating the complexities of estate planning becomes even more critical. Blended families, where individuals bring children from previous relationships into a new family, often require careful consideration to ensure fair distribution and to keep the peace.

Blended families present unique dynamics that can complicate the estate planning process. Unlike traditional families, where assets like the family home are typically passed down to biological children, blended families involve stepchildren, ex-spouses and other varying family structures. The family dynamics can prove challenging for even the most understanding of families.

For example, how will Dad’s biological children feel about their stepmother getting part of their inheritance ? Or consider a remarriage later in life when all the adult children are grown. Often, failing to plan or creating an inadequate plan can unintentionally completely disinherit biological children, leaving everything to adult stepchildren instead.

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1. Start with open and honest communication.

One of the first steps in navigating estate planning for blended families is open and honest communication. It is essential for all family members, including stepparents, stepchildren and biological children, to express their wishes and concerns. This dialogue helps in understanding each person's perspective and lays the foundation for a comprehensive estate plan that considers everyone's needs. 

To be fair, not all family dynamics will allow for this type of transparent communication. It is a difficult conversation. However, failing to let family members know your wishes can wreak havoc once you pass away.

2. Review and update beneficiaries.

A critical aspect of estate planning is reviewing and updating beneficiary designations on life insurance policies, retirement accounts and other financial assets. 

Failure to update these designations can lead to unintended consequences, such as assets going to an ex-spouse, or stepchildren being excluded. 

Regularly reviewing and adjusting beneficiary designations ensures that assets are distributed according to your current wishes.

3. Create a will and trust.

Drafting a clear and comprehensive will is essential for individuals in blended families. A will allows you to specify how you want your assets distributed and who will be responsible for managing your estate. In the case of blended families, a trust can also be a valuable tool. Trusts provide flexibility in distributing assets and can include provisions for stepchildren, ensuring they are treated fairly alongside biological children.

In blended families, stepchildren may not have legal rights to inherit from their stepparent unless specified in the estate plan. Including provisions for stepchildren in the will or trust can help ensure they are not unintentionally disinherited. This may involve specifying a percentage of assets or providing for them in a similar manner as biological children.

4. Account for other financial obligations.

Many individuals in blended families may have financial commitments to their ex-spouses, such as alimony or child support. It is crucial to account for these obligations in the estate plan to prevent conflicts and legal issues. Clearly outlining any financial responsibilities in the plan ensures that the intended beneficiaries receive their rightful share without interference.

Estate planning for blended families requires careful consideration, open communication and proactive decision-making. By addressing the unique dynamics of blended families through clear documentation, updated beneficiary designations and a frequent review of the estate plan, individuals can ensure that their assets are distributed according to their wishes, promoting harmony among family members. Taking the time to navigate these complexities now can provide peace of mind and financial security for the blended family in the future.

Related Content

  • Estate Plan Check-Ups: Don’t Just Set It and Forget It
  • Creating a Blended Family? Three Key Steps to Consider
  • Comparing Estate Planning: ‘Leave It to Beaver’ vs. ‘Modern Family’
  • Raising Grandkids? Five Financial Considerations
  • Here’s What Couples Need to Know About Merging Finances

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA .

Justin Stivers is the founder and CEO of Stivers Law , a distinguished Miami-based law firm specializing in wealth and estate planning. With almost a decade of expertise, Justin is dedicated to ensuring that clients' estate plans seamlessly align with their financial aspirations through comprehensive wealth planning. Beyond estate planning, Stivers Law excels in probate and trust administration, elder law, Medicaid planning and special needs planning.

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CDC plans to drop five-day covid isolation guidelines

family business and planning

Americans who test positive for the coronavirus no longer need to routinely stay home from work and school for five days under new guidance planned by the Centers for Disease Control and Prevention.

The agency is loosening its covid isolation recommendations for the first time since 2021 to align it with guidance on how to avoid transmitting flu and RSV, according to four agency officials and an expert familiar with the discussions.

CDC officials acknowledged in internal discussions and in a briefing last week with state health officials how much the covid-19 landscape has changed since the virus emerged four years ago, killing nearly 1.2 million people in the United States and shuttering businesses and schools. The new reality — with most people having developed a level of immunity to the virus because of prior infection or vaccination — warrants a shift to a more practical approach, experts and health officials say.

“Public health has to be realistic,” said Michael T. Osterholm, an infectious-disease expert at the University of Minnesota. “In making recommendations to the public today, we have to try to get the most out of what people are willing to do. … You can be absolutely right in the science and yet accomplish nothing because no one will listen to you.”

The CDC plans to recommend that people who test positive for the coronavirus use clinical symptoms to determine when to end isolation. Under the new approach, people would no longer need to stay home if they have been fever-free for at least 24 hours without the aid of medication and their symptoms are mild and improving, according to three agency officials who spoke on the condition of anonymity to share internal discussions.

Here is the current CDC guidance on isolation and precautions for people with covid-19

The federal recommendations follow similar moves by Oregon and California . The White House has yet to sign off on the guidance that the agency is expected to release in April for public feedback, officials said. One agency official said the timing could “move around a bit” until the guidance is finalized.

Work on revising isolation guidance has been underway since last August but was paused in the fall as covid cases rose. CDC director Mandy Cohen sent staff a memo in January that listed “Pan-resp guidance-April” as a bullet point for the agency’s 2024 priorities.

Officials said they recognized the need to give the public more practical guidelines for covid-19, acknowledging that few people are following isolation guidance that hasn’t been updated since December 2021. Back then, health officials cut the recommended isolation period for people with asymptomatic coronavirus from 10 days to five because they worried essential services would be hobbled as the highly transmissible omicron variant sent infections surging. The decision was hailed by business groups and slammed by some union leaders and health experts.

Covid is here to stay. How will we know when it stops being special?

The plan to further loosen isolation guidance when the science around infectiousness has not changed is likely to prompt strong negative reaction from vulnerable groups, including people older than 65, those with weak immune systems and long-covid patients, CDC officials and experts said.

Doing so “sweeps this serious illness under the rug,” said Lara Jirmanus, a clinical instructor at Harvard Medical School and a member of the People’s CDC, a coalition of health-care workers, scientists and advocates focused on reducing the harmful effects of covid-19.

Public health officials should treat covid differently from other respiratory viruses, she said, because it’s deadlier than the flu and increases the risk of developing long-term complications . As many as 7 percent of Americans report having suffered from a slew of lingering covid symptoms, including fatigue, difficulty breathing, brain fog, joint pain and ongoing loss of taste and smell, according to the CDC.

The new isolation recommendations would not apply to hospitals and other health-care settings with more vulnerable populations, CDC officials said.

While the coronavirus continues to cause serious illness, especially among the most vulnerable people, vaccines and effective treatments such as Paxlovid are available. The latest versions of coronavirus vaccines were 54 percent effective at preventing symptomatic infection in adults, according to data released Feb. 1, the first U.S. study to assess how well the shots work against the most recent coronavirus variant. But CDC data shows only 22 percent of adults and 12 percent of children had received the updated vaccine as of Feb. 9, despite data showing the vaccines provide robust protection against serious illness .

Coronavirus levels in wastewater i ndicate that symptomatic and asymptomatic infections remain high. About 20,000 people are still hospitalized — and about 2,300 are dying — every week, CDC data show. But the numbers are falling and are much lower than when deaths peaked in January 2021 when almost 26,000 people died of covid each week and about 115,000 were hospitalized.

The lower rates of hospitalizations were among the reasons California shortened its five-day isolation recommendation last month , urging people to stay home until they are fever-free for 24 hours and their symptoms are mild and improving. Oregon made a similar move last May.

California’s state epidemiologist Erica Pan said the societal disruptions that resulted from strict isolation guidelines also helped spur the change. Workers without sick leave and those who can’t work from home if they or their children test positive and are required to isolate bore a disproportionate burden. Strict isolation requirements can act as a disincentive to test when testing should be encouraged so people at risk for serious illness can get treatment, she said.

Giving people symptom-based guidance, similar to what is already recommended for flu, is a better way to prioritize those most at risk and balance the potential for disruptive impacts on schools and workplaces, Pan said. After Oregon made its change, the state has not experienced any disproportionate increases in community transmission or severity, according to data shared last month with the national association representing state health officials.

California still recommends people with covid wear masks indoors when they are around others for 10 days after testing positive — even if they have no symptoms — or becoming sick. “You may remove your mask sooner than 10 days if you have two sequential negative tests at least one day apart,” the California guidance states.

It’s not clear whether the updated CDC guidance will continue to recommend masking for 10 days.

Health officials from other states told the CDC last week that they are already moving toward isolation guidelines that would treat the coronavirus the same as flu and RSV, with additional precautions for people at high risk, said Anne Zink, an emergency room physician and Alaska’s chief medical officer.

Many other countries, including the United Kingdom, Denmark, Finland, Norway and Australia, made changes to isolation recommendations in 2022. Of 16 countries whose policies California officials reviewed, only Germany and Ireland still recommend isolation for five days, according to a presentation the California public health department gave health officials from other states in January. The Singapore ministry of health, in updated guidance late last year, said residents could “return to normal activities” once coronavirus symptoms resolve.

Even before the Biden administration ended the public health emergency last May, much of the public had moved on from covid-19, with many people having long given up testing and masking, much less isolating when they come down with covid symptoms.

Doctors say the best way for sick people to protect their communities is to mask or avoid unnecessary trips outside the home.

“You see a lot of people with symptoms — you don’t know if they have covid or influenza or RSV — but in all three of those cases, they probably shouldn’t be at Target, coughing, and looking sick,” said Eli Perencevich, an internal medicine professor at the University of Iowa.

Coronavirus: What you need to know

New covid variant: The United States is in the throes of another covid-19 uptick and coronavirus samples detected in wastewater suggests infections could be as rampant as they were last winter. JN.1, the new dominant variant , appears to be especially adept at infecting those who have been vaccinated or previously infected. Here’s how this covid surge compares with earlier spikes .

Covid ER visits rise: Covid-19, flu and RSV are rebounding in the United States ahead of the end-of-year holidays, with emergency room visits for the three respiratory viruses collectively reaching their highest levels since February.

New coronavirus booster: The Centers for Disease Control and Prevention recommends that anyone 6 months or older get an updated coronavirus shot , but the vaccine rollout has seen some hiccups , especially for children . Here’s what you need to know about the new coronavirus vaccines , including when you should get it.

  • CDC plans to drop five-day covid isolation guidelines February 13, 2024 CDC plans to drop five-day covid isolation guidelines February 13, 2024
  • Is this covid surge really the second biggest? Here’s what data shows. January 12, 2024 Is this covid surge really the second biggest? Here’s what data shows. January 12, 2024
  • Covid kills nearly 10,000 in a month as holidays fuel spread, WHO says January 11, 2024 Covid kills nearly 10,000 in a month as holidays fuel spread, WHO says January 11, 2024

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The Key to Successful Succession Planning for Family Businesses

  • James Vardaman

family business and planning

Don’t exclude non-family members from the discussion.

Successfully passing the baton to the next generation is a goal for many family business leaders. It can also be a sound business move if the right steps are taken. By clearly communicating family succession intentions, developing strong relational bonds, and proving the fitness of next generation leaders, family firms can achieve buy-in from their nonfamily employees. Not only will this make for a smooth leadership transition, but it can also increase nonfamily identification with both the family and the firm, creating a more productive and satisfied workforce that propels the firm for years to come.

The succession process is one of the biggest challenges facing family firms, as most fail to remain a family business past the second generation. Among those that do succeed, a key concern is how nonfamily personnel will receive a successor. Perceptions of nepotism in succession can undermine nonfamily employee commitment to the business and their continued participation in the firm. Addressing this common issue can be difficult because the ability to choose a family successor and provide employment opportunities for family members is often a primary aim of family business owners. Thus, a key challenge for family businesses is gaining buy-in from nonfamily employees for the next generation of family leadership .

  • WT Will Tabor is an Assistant Professor of Business Administration at Mississippi College. His research focuses on family businesses and organizational ethics. His work has been published in Family Business Review and The Journal of Business Ethics .
  • JV James Vardaman holds the Chair of Excellence in Free Enterprise at the University of Memphis and is the author of Global Talent Retention: Understanding Employee Turnover Around the World .

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An Explosive Hearing in Trump’s Georgia Election Case

Fani t. willis, the district attorney, defended her personal conduct as defense lawyers sought to disqualify her from the prosecution..

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In tense proceedings in Georgia, a judge will decide whether Fani T. Willis, the Fulton County district attorney, and her office should be disqualified from their prosecution of former President Donald J. Trump.

Richard Fausset, a national reporter for The Times, talks through the dramatic opening day of testimony, in which a trip to Belize, a tattoo parlor and Grey Goose vodka all featured.

On today’s episode

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Richard Fausset , a national reporter for The New York Times.

Fani Willis is pictured from the side sitting behind a witness stand. She wears a pink dress.

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    Start planning early: Five years in advance is good, but 10 years in advance is better. Many business advisers tell budding entrepreneurs to build an exit strategy right into their business plan. The longer you get to spend on succession planning, the smoother the transition process is likely to be.

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  16. How to Sell a Family Business

    A business sale is a transaction, but selling a family business involves much more than making a deal. Your family business represents your family legacy and the future of the next generation, not to mention your needs and wants from the sale. Family members might depend on the business for employment or to provide liquidity for their pursuits.

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    Family business succession planning is complicated because it requires clients to make difficult decisions out of context. That's why attorneys must provide a blueprint of the entire process at the beginning of the representation to make the process more effective.

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  24. CDC plans to drop five-day covid isolation guidelines

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    Fani T. Willis, the district attorney, defended her personal conduct as defense lawyers sought to disqualify her from the prosecution.

  28. Nigerian bank CEO and family among 6 people killed in California ...

    The CEO of a major Nigerian bank, along with his wife and son, were among six people killed in a helicopter crash in the Mojave Desert near the California-Nevada border late Friday night ...

  29. Manage your Microsoft 365 subscription or Office product

    If you selected My Microsoft account, the Microsoft account dashboard will open.This is where you manage your Microsoft account and any Microsoft products associated with this account. On the Microsoft account dashboard, select Services & subscriptions to view all Microsoft products associated with this account. For non-subscription versions of Office (such as Office 2013 and later):