Tips for Parents with College Bound Children
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20 Critical Questions Regarding Business Succession Planning:

1. How important is it to pass the business on to the next generation?
2. Should all family members be offered the opportunity to work in the business?
3. How will I get my retirement income if I pass the business on to my heirs?
4.  Should in laws be allowed to enter the family business?
5. Who will evaluate my children’s job performance objectively?  
6. If more than one child is involved in the business, how will I choose the next leader?
7. How can I integrate my spouse in important business decisions involving family members?
8. How do I integrate key employees in the overall planning of succession?
How should they be treated?
9. What kind of compensation strategies do I employ in fairness to all involved?
10. How do I treat family members not in the business?
Should they also receive a part of the business? 
11. What kind of advisory team should I have when planning for the succession?
12. Should a business transition be planned during my death or while I’m alive?
13. Should I be concerned with excessive income taxation during my lifetime or
estate taxes at my death?
14. How could I fire a family member without emotional repercussions?
15. Should I explain my plans to my heirs for full disclosure?
16. Who should own stock in the business?
17. How should I deal with family disagreements or arguments?
18. How important is my estate plan when planning for the succession of the business?
19. Am I afraid of losing control if I pass the business on to the next generation?
20. How important is our involvement in the community?

To obtain feedback on your answers, e-mail our staff member Jaime Hinojosa.