Bruce Young

Transfer stock to a spouse or children? In many privately owned companies, that is the last thing that you would want to let happen. However, with most family-owned businesses, a transfer to family members is not only permitted, but often an express objective.

For a family business to operate effectively, it must have an effective board of directors, especially if it is to continue from one generation to the next. Because of the frequent blurring of family, ownership and management in a family business, the proper function of a board of directors is sometimes ignored.

We are blessed in West Michigan with a large percentage of family-owned businesses. These businesses provide significant employment for the area. Family-owned businesses also tend to be good corporate citizens and more generous with their communities compared to other businesses. I am blessed to be part of a local business that has made the transition to the third generation.

We are blessed in West Michigan with a large percentage of family-owned businesses. These businesses provide significant employment for the area. Family-owned businesses also tend to be good corporate citizens and more generous with their communities compared to other businesses. I am blessed to be part of a local business that has made the transition to the third generation.