Hello! My name is Kimberly Peterson. I am an experienced financial advisor with a diploma from University of Chicago and almost 12 years of work in the field. In my line of work I learned a lot of useful hints and loopholes as well as a gret deal of pitfalls associated with loans and credits. I prepared this website to offer you my expertise and asnwer the most common problems, so that you can ejnoy your loans safely.People closely involeved in credit issuing process
You could have two types of family shareholders in your business, namely, the heirs (to whom you plan to leave the business) and the nonheirs. The heirs should know all about your plans as they will (I hope!) have been closely involved in the timing of their takeover, as well as being trained and groomed over the past several years.
The non-heirs are the more difficult group to handle. Firstly, it is probably a good idea to canvass non-heirs for their views of your succession plan in general and your choice of heirs in particular. Depending on the percentage of shares held by non-heirs and the details of your shareholders’ agreement, it might be necessary not only to have their opinion and support, but also to have their formal agreement to any succession plans you have and, in this case, the sooner you advise them of your plans the better. Also, non-heirs might be key employees in the business and crucial to the continued success of the business after transfer.