Store For Sale

True story: After having a family grocery business professionally valuated, a semi-retired father gave his shares of the business outright to the child who showed the most aptitude for—and interest in—running the store. His other children received other assets. "The key to the success [of this succession] was the recognition that from a business perspective, only one of the children was an appropriate owner," says Deborah Taylor, financial analyst and wealth management specialist with Legg Mason, Lake Mary, Fla., who helped coordinate the succession. Another true story: The child of a retired jeweler mismanaged the business so badly that the parent stepped in and ordered the child out of the store. "I don't think that parent ever got his money out of that store for retirement," says Bobby Wilkerson, president of Wilkerson & Associates, Stuttgart, Ark., a liquidation planning co
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