By Charlie Kim, Matthew McGuigan, Thomas Witteveen, and Jacquelyn Tran ( January 21, 2026, 2:50 PM EST) -- The lifecycle of an owner-managed business can vary significantly. In some instances, the owner-manager may choose to sell the business or wind it up when they retire. Conversely, the owner-manager may instead choose to transition the business to the next generation, maintaining it as a family enterprise. Where the business is to be transitioned to the next generation, effective succession planning is essential. As part of such succession planning, a family shareholders’ agreement (a “family agreement”) often serves as the “family rule book.”...