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August 2012
Building a Lasting Legacy
How to plan when your successors don't want to work in the family business
by Charlotte K. Ito
It’s every business owner’s fear—what happens when the successor to the business doesn’t want to work in it anymore? To many family wine business owners (WBOs), the wineries are the legacies of their dreams, and it is inconceivable that their children would decline to participate. In many instances, WBOs have no exit strategy, and 77 percent of family WBOs have no financial plan for a transition. The lack of exit strategy could leave the WBO open to significant tax and f...
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