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Episode 003: Transitioning Family Businesses to the Next Generation
Manage episode 277413758 series 2795170
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In this episode of the podcast, Tammie Miller, your host, discusses transitioning family businesses to the next generation with guest, Paul Griepentrog. Paul is an Attorney, CPA, and Shareholder at Godfrey & Kahn in Milwaukee, WI. Paul has significant experience working with closely-held and family-owned businesses, with a particular focus on intergenerational business transfers.
In this episode, Tammie and Paul discuss the following topics:
- [2:41] What happens when the senior generation is ready to retire but the next generation is not ready to take over?
- [8:49] How long should the previous owner stick around?
- [13:13] Issues with family dynamics when the business is transferred to one of several children.
- [18:57] Cash vs. inheriting a business.
- [20:11] Strategy to successfully transfer a family business.
- [23:55] How to compensate a child that is not receiving equity in the business.
- [27:11] What to do when there is not a “clear” successor.
- [28:11] Tammie shares a “horror story” in a family business transfer.
- [33:38] Paul shares an example of a successful intergenerational transfer.
- [38:50] Who to call first when planning an intergenerational transfer.
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