How to Prepare Your Business for Succession
When their father died in 2008, Jessica and Charles Johnson Jr. were left with the question of whether to make payroll or close the doors of their family-owned business. The security firm had been started by their grandparents nearly five decades ago in the Bronx, New York. “We could have disbanded the company and sold the assets,†says Charles Jr., who is a shareholder at Johnson Security Bureau Inc. “We would have been okay. However, we knew that many families were depending on us for employment, so we chose to keep it going.â€
