STEP Journal Article: Year in, Year out: A Case Study

For all family businesses – in nearly all sectors, and wherever they are based – succession is the most difficult topic to deal with, and sometimes even to discuss. Succession issues are multifaceted and have consequences that will be felt for generations to come.

SUCCESSION ISSUES

J. Stern & Co. is a sixth-generation family business, and is both a private office for the Stern family and an advisor to other families. We are asked to assist families through transitions and in setting objectives from a family perspective – e.g. whether or not a client wishes to pass a family business on to the next generation, or to leave fungible assets to their children. Clients also ask us, almost daily, what they should do with the proceeds from selling their business, whether or not they need a family office, and whether or not a trust is the most suitable structure for them. Why is this relevant now?  

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