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NJBIZ hosted a panel discussion examining the challenges family-owned businesses face when planning for succession and growth across generations.
The event featured experts from established firms including Flaster Greenberg PC, Forvis Mazars, and Highland Financial Advisors LLC, who shared insights on strategies for ensuring multigenerational success in family enterprises.
Quick context
- What challenges do family-owned businesses face?
- Family-owned businesses often struggle with succession planning and managing growth while maintaining family involvement and values across multiple generations.
- Who should family businesses consult for succession planning?
- Experts recommend working with specialized professionals including estate planning attorneys, financial advisors, and business consultants who understand family business dynamics.
- Why is multigenerational planning important?
- Proper planning helps ensure business continuity, protects family relationships, minimizes tax implications, and positions the business for sustainable growth under new leadership.
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