Feb 1, 2007 12:00 PM, By Glenn R. Ayres, partner, Doud Hausner & Associates, Inc., San Diego and Michael J. Jones, partner

By: By Glenn R. Ayres, partner, Doud Hausner & Associates, Inc., San Diego and Michael J. Jones, partner

Businesses intended to remain family-held after the death of the founder need planning that goes far beyond the orderly and tax-efficient transfer of ownership interests. For ownership transfers to succeed, owners and leaders of family firms also must work out how the business will continue to thrive under new leadership and new ownership, as well as how family relationships will endure.

In fact, the family business succession plan “to do” list is seemingly endless and almost certainly will raise emotional temperatures both in and out of the business. Yet, unless a client is willing to face the many questions raised by entire succession planning, he may not go forward with the estate plan at all, saying only that the proposed plan doesn't make sense — without being more specific.

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