Challenges to Family Business

Experienced Cleveland Business Succession Lawyers

Being a shareholder in a family business can be lucrative, exciting and fulfilling. But a closely held family business is as complicated as any family, with personality conflicts, intrigue and power struggles. Even though you may have similar backgrounds and values — you are each individuals, and have your own families and desires.

We understand the emotional complexity of family business disputes. Your personal and business finances may be dependent on each other. Our Cleveland business succession attorneys know how to cut through any emotional barriers in pursuit of protecting your personal and financial interests.

Challenges to Your Family Business

Your interest in the family business may be as precious to you as a family heirloom. Businesses grow and change and so do families. Some business partners will gain influence, while others will remain in the background. Frequently this status or influence is abused in ways such as:

  • Loans to oneself at the expense of others
  • Manipulation of other members to gain desired votes
  • Decisions made without some partners' participation or even knowledge

Family conflicts can end up destroying the entire business, harming all parties. Unlike in a corporation, you cannot easily sell your shares and wash your hands off the matter. Our Cleveland estate planning attorneys have the skills and legal resources to protect your personal and financial interests.

Cleveland Business Succession Attorneys

The period of greatest change in a family business is the succession from one generation to the next. The company president may be an aging father or mother, susceptible to undue influence or poor decisions. Letting go of business control can unleash conflict. Do not face the risk of business conflict on your own. We offer experienced advocacy and legal counsel focused on mitigating any negative ramifications from a business succession.