We have all watched as the Market Basket family and business dispute has played out in the media – customers protesting, employees on strike and secret family meetings behind closed doors. What began as a small family grocery store in Lowell, Massachusetts nearly 100 years ago has grown to 71 stores and 25,000 employees, and we have all been witness to its struggles over the years. One can’t help but wonder whether those struggles could have been prevented with better succession planning. Market Basket’s story illustrates the importance of doing everything possible to facilitate a smooth transition from one generation to the next.
Formulating and Executing a Succession Plan to Avoid Disruption and Disaster -
As lawyers, we know all about the mishaps that can damage or destroy a closely- held business. Following are three typical scenarios that can change the fortunes of business owners, their partners and their families, along with some tips for proactive solutions that should be considered by current and future business owners.
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