{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Episode 003: Transitioning Family Businesses to the Next Generation","description":"In this episode of the podcast, Tammie Miller, your host, discusses transitioning family businesses to the next generation with guest, Paul Griepentrog. Paul is an Attorney, CPA, and Shareholder at Godfrey & Kahn in Milwaukee, WI. Paul has significant experience working with closely-held and family-owned businesses, with a particular focus on intergenerational business transfers. In this episode, Tammie and Paul discuss the following topics: [2:41]    What happens when the senior generation is ready to retire but the next generation is not ready to take over? [8:49]    How long should the previous owner stick around? [13:13]  Issues with family dynamics when the business is transferred to one of several children. [18:57]  Cash vs. inheriting a business. [20:11]  Strategy to successfully transfer a family business. [23:55]  How to compensate a child that is not receiving equity in the business. [27:11]  What to do when there is not a \u201cclear\u201d successor. [28:11]  Tammie shares a \u201chorror story\u201d in a family business transfer. [33:38]  Paul shares an example of a successful intergenerational transfer. [38:50]  Who to call first when planning an intergenerational transfer. ","author_name":"Deal Team Six","author_url":"http:\/\/www.tkomiller.com","html":"