In this video (at minute 3:00) the panelists discuss the emotional component of family-owned businesses. “Their decision-making is horribly broken” (at minute 3:55). The consensus on how to fix this: Bring in a dispassionate third party to guide the management and decision-making process. What better candidate for an independent third party can there be than an attorney who has real experience operating his own small business?
If you plan to pass your company on to the next generation, consider forming or expanding your board of directors and bringing on an attorney with experience operating a business as well as with corporate law.
Argent Place Law, PLLC focuses on businesses and business owners. The firm provides legal business counsel in matters of business, corporate and contract law, intellectual property law, and succession planning, including estate planning with wills and trusts for its CEO clients.