When a small business is a key component of family wealth, the owner usually has a strong desire to continue it in one form or another. But perpetuating the business through an orderly succession to family members or other insiders is a very difficult challenge. The owner(s) must
deal with business, family, tax, and estate issues when planning for the succession of both management and ownership. So infrequently is it done successfully that barely 30 percent of family businesses survive into the second generation and fewer than 15 percent of them endure into the third. Using a team approach to this process, LGI works closely with your financial and tax advisors to develop a succession plan that minimizes the tax effect and maximizes the probability of success for the business.