You’re not alone if you inherited the family business with no formal succession plan in place. About 64 percent of family companies don’t have a written succession plan, while another 19 percent have one “in progress.” Use these tips to find your footing after you’ve suddenly inherited the family business.
With launching a new company comes the need to make many decisions. Among them: choosing a business structure. The type you select for your startup affects far more than whether or not your company’s name includes something like “LLC” or “Inc.” at the end of it.