Many Minnesota residents own their own business. Small businesses make up an important part of the Minnesota economy. While some businesses have been in the same family for generations, every small business owner works hard to ensure their business succeeds. When it comes time for the business to pass to the next generation, probate litigation can arise.
A family business is formed by hard work and lots of time. Many who own their own business want it to succeed for generations to come. Even if there was careful planning with business succession, problems can still arise. Our law firm understands the issues that may surround the inheritance of a family business.
One issue may be that one sibling expects to inherit the business because they have been working in it, while the other siblings don’t feel like they are being treated fairly. The other siblings may think that their sibling may not deserve to inherit the entire business and that they should be compensated in some way as well. Another situation is when non-family employees seek to control the business. Also, a family may be facing taxes that threaten to close the business. Or, family members who have received the business may not have the skills or ability to successfully run the business.
Transferring a family business to the next generation is not always an easy task. Business succession planning can be complicated due to many interested parties. We understand the complexities behind business succession and the desire to keep a business within a family. We work to minimize litigation costs while helping a family resolve their dispute. We understand how important family businesses are to the family and community and want to do our part to keep them in business.
Sometimes, a business succession dispute is unavoidable. In these cases, our law firm can help a family work through their differences.