I have been working for my parents' excavation business for the past 25 years. Both of my parents have recently turned 65 and we have talked about the business transitioning to the next phase (i.e. me as the future generation) for the past four years. We are all on the same page to make this happen, but my folks are extremely emotionally attached to it, returning all the calls, looking at all the jobs, making all the decisions, etc.
Has anyone dealt with shifting the equity of the business to the next generation in a family business? If so, what did your plan look like? How long did it take? What would you change about how you may have structured it?
In short, my wife and I have considered a sunset provision to slowly earn equity while taking on more responsibility, along with a plan to buy out the equipment over time. What is a reasonable percent of equity to expect to be fair to all? At this time we are taking on all the work, but for the same small salaries.
Has anyone dealt with shifting the equity of the business to the next generation in a family business? If so, what did your plan look like? How long did it take? What would you change about how you may have structured it?
In short, my wife and I have considered a sunset provision to slowly earn equity while taking on more responsibility, along with a plan to buy out the equipment over time. What is a reasonable percent of equity to expect to be fair to all? At this time we are taking on all the work, but for the same small salaries.
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