Integrated Estate Planning for the Protection and Succession of the Family Business
By Philip R. Feist, Of Counsel, Doerner, Saunders, Daniel & Anderson, LLP
A successful family business is certainly worth preserving and protecting. The primary economic driver that makes the United States the unrivaled economic powerhouse of the world is its family businesses. These account for the majority of U.S. gross domestic productivity. According to the Family Owned Business Institute of Grand Valley State University, there are 5.5 million family businesses in the U.S., contributing 57 percent of the gross domestic product, employing 63 percent of the workforce, responsible for 78 percent of all new job creation and universally outperforming nonfamily businesses. Considering the statistics, it appears the most efficient, effective and successful vehicle for harnessing ingenuity to exploit economic opportunity and to create wealth, is the family business. To read this article in the Oklahoma Bar Journal, click here.
If you would like to speak a knowledgeable attorney about protecting the family business, contact Philip R. Feist at 918-591-5214 or email@example.com for more information.
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