Long Island Business News featured Tax & Business Services Partner Janis Cowhey in an article about business succession planning.
Long Island Business News
By Bernadette Starzee
When people work hard for decades to build and grow a business, often their dearest ambition is for one or more of their children to take it over when they retire. Things don’t always work out that way.
Sometimes, the kids don’t want to run the company, which isn’t necessarily a bad thing, according to Janis Cowhey, a partner in the trusts and estates practice group at Marcum, which has offices in Melville.
“Unless someone from the next generation is as passionate about your business as you are, it’s not always a good idea” to pass the reins to that family member, Cowhey said, noting that many businesses fail in subsequent generations because it wasn’t a good fit for the successor.