Many Minnesota business owners are paying attention to the state Legislature this week as lawmakers decide on several significant employment law reforms. At stake are increases in minimum wage, overtime pay and parental leave.
Building a successful family business and passing it down to one's heirs is the dream of many Minnesotans. Unfortunately, even those who are successful in step one of this process can fail to prepare for the complications that might arise in step two. When a business owner transfers a family business to adult children, there is much that can go terribly wrong.