Planning ahead: Family businesses need to prepare for change

McAfee & Taft tax lawyer Steven Cole was a featured panelist at The Journal Record‘s 2014 Family Business Forum held in Oklahoma City, Oklahoma, on April 29th. In a subsequent article about the event titled “Planning Ahead: Family businesses need to prepare for change,” Cole was quoted on the importance of succession planning, particularly by family-owned businesses.

“Getting started with succession planning is part of a good business plan,” said Cole. While it’s critical to have a business plan, he cautioned business owners about developing a plan and then forgetting to update it as changes in both internal and external circumstances occur. “Planning is a continuous process.” Examples of changes that are likely to precipitate a need to update a business or succession plan include deaths, divorces, marriages, and changes in state and federal tax laws.

The Family Business Forum featured a variety of industry experts whose presentations focused on the unique concerns of family-owned businesses, including generational business ownership and transition, managing change, and avoiding the pitfalls that break down businesses and families.