Inheriting a business from family can be difficult on many levels. Here’s a step-by-step list of everything that needs to happen for a smooth succession.
Tom Bennett, now 83, opened Miyako in 1993. Today he still owns and manages the store with his daughter Teresa. His shop is the last black-owned business of its kind in San Francisco. And it’s survived 30 years in the Fillmore District, through the great recession and now a pandemic.
Start with the basics to help people find your business online. Even with minimal upkeep, you can grow your visibility. We suggest you revisit this checklist once a quarter.
There are many well-known advantages to owning a family business: Costs and expenditures are generally low compared to large companies. The ability to plan alongside future leadership gives family businesses a leg up on longevity. And…