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

Passing the Torch is for 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 businesspeople and their advisors how to put together a plan that ensures financial security for the owner, his or her family, and-eventually-heirs. Family business expert Mike Cohn clearly explains all the options for planning a smooth, orderly transfer of the business to family, key employees, or outside third parties. He shares valuable insights into wills, trusts, insurance, value shifting, value freezing, and discusses the role of partnerships and joint ventures in succession strategies. His sensitive treatment of emotionally charged issues-letting go, resolving family conflicts, and deciding whether to sell to outsiders-promotes confident decison-making.