Passing the Torch: Succession, Retirement, and Estate Planning in Family-Owned Businesses

"Passing the Torch" is for the growing numbers of business owners and entrepreneurs who realize the need to begin planning for the orderly transition or sale of the family business. The book shows business people and their advisors how to put together a plan that ensures financial security for the owner, his or her family, and - eventually - heirs. Mike Cohn explains all the options for planning a smooth orderly transfer of the business to family, key employees, or outside third parties. He shares insights into wills, trusts, insurance, value shifting and value freezing, and discusses the role of partnerships and joint ventures in succession strategies. His treatment of emotionally charged issues - letting go, resolving family conflicts, and deciding whether to sell to outsiders - is intended to promote confident decision-making.