Worried about the in-laws taking over the family business? You should be
It is natural for family business owners to be protective and want to keep the family business within the family. However, as new members are welcomed into the family, it is not uncommon for in-laws to want to be involved and play an active role in the running of the business.
Whilst losing control of the business to non-family members can be a frightening prospect for owners, with careful planning and open communication, ‘outsider’ input can be used to their advantage while protecting the fortunes of the business in the process.
Roy Botterill, Partner in our Family Business team, explains how succession planning is key to not only preventing devastating repercussions for the second generation’s wealth, but that of the entire family who have contributed towards the success of business.
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