Mariel Giletto, Shareholder and Business & M&A Practice Group Leader at Flaster Greenberg, was quoted in a recent NJBIZ article examining the challenges and opportunities facing family-owned businesses as they prepare for leadership transitions, growth, and eventual exits.
Drawing on her experience advising closely held and family-owned companies, Giletto discussed the pressures created by rapid technological change and evolving business practices. While family businesses must adapt to keep pace, she noted that their longstanding relationships and reputations for trust position them uniquely well to compete in an increasingly technology-driven marketplace.
Giletto also highlighted the challenges of succession planning, particularly the differing perspectives that can arise between generations as younger family members seek greater involvement in shaping the future of the business. She emphasized the importance of open communication, family alignment, and thoughtful planning to ensure successful leadership transitions.
In addition, Giletto underscored the value of trusted advisors, noting that business owners often face increasingly complex challenges as their companies grow. She explained that engaging experienced legal, tax, and financial advisors allows owners to focus on building their businesses while developing effective succession and exit strategies.
Addressing business transitions from a legal perspective, Giletto stressed that succession planning involves far more than simply identifying a future owner. Considerations such as business valuation, financing, tax implications, estate planning, and ownership structure must all be carefully coordinated to support a successful transfer of the business and preserve long-term value.
The article reinforced Giletto's view that proactive planning, strong family governance, and a comprehensive advisory team are critical to helping family-owned businesses successfully navigate leadership transitions and position themselves for continued success across generations.
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