Estate planning: Plan now if you want your business to outlive you

Drafting of a family constitution and creation of trusts can help family businesses transfer wealth and responsibilities smoothly from one generation to the next

Creating a model that will help their family business survive after them is one big challenge that founders have to wrestle with. Besides having to deal with competitive pressures, changing technologies and business models, a family business also has to contend with rivalries between father and son, brothers, uncles and nephews, and other family members who hold large stakes or key management positions. Unless families address these challenges, they cannot expect the business built by the patriarch to survive after him.
 
For a family business to enjoy longevity, the family members need to understand that the interests of the