Abstract
This chapter discusses the fundamental legal questions in small and family business succession and offer a road map for establishing legal strategies that empower you to undertake the actions that will help ensure your company's legacy is preserved well beyond your time in leadership. The Most Common Questions and Answers about Legal Issues in Small and Family Business Succession are intuitive and simplistic. On June 5, 2021, publishing titan M. Richard Robinson Jr. died suddenly while walking with his son and ex-wife on Martha's Vineyard. At 84 years old, Mr. Robinson was the chairman and CEO of Scholastic Books and had been so for over 45 years. However, credible information suggests that Robinson's “wait and see” succession strategy left a huge mess and resulted in serious business disruption and family drama likely to spill into the halls of Scholastic's New York corporate headquarters.
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