Proper business succession can help you avoid this scenario and ensure your company does not falter in your absence. Here are some options to consider when it is time to create your business succession plan.
Handing a family enterprise down through the generations is a cherished dream for many. However, you must ensure your family-member candidates have the skills and genuine desire to take over. Discuss their aspirations frankly and conduct training to bridge any skill gaps they may have.
If you share ownership with others, transitioning leadership within the existing team can be a smooth option. Discuss succession plans openly with partners, gauging their interest and capacity for additional responsibility. Clearly define buy-out options and ownership transfer terms to avoid future disputes if your talks continue.
Perhaps you have not identified a suitable internal successor. Selling to an external party opens doors to fresh perspectives and resources. If this sounds like a good fit, ensure your business is well-documented, financially sound and operates under clear procedures to attract well-qualified buyers.
No matter your path, business succession planning requires proactive action. Research all your options in Pennsylvania and consider financial and legal guidance to find a succession strategy that best aligns with your business goals and personal aspirations.
]]>In 2020, the U.S. Supreme Court handed down its ruling in Bostock v. Clayton County. This landmark decision established that Title VII of the Civil Rights Act of 1964, which prohibits employment discrimination based on race, color, religion, sex, or national origin, also protects employees against discrimination because of their sexual orientation or gender identity.
The Supreme Court's interpretation clarified that discrimination against someone for being LGBTQ+ is fundamentally a form of sex discrimination. This ruling effectively extended legal protections to LGBTQ+ workers across the country, mandating that employers cannot fire, refuse to hire or discriminate against employees based on their sexual orientation or gender identity.
Additionally, some states and localities have enacted their own laws and ordinances that provide additional protections for LGBTQ+ workers, including laws that address discrimination in smaller businesses not covered by federal statutes, as well as public accommodations, housing and education.
And yet…
Despite these advances, challenges remain. Due to conscious and subconscious bias, LGBTQ+ workers may still face discrimination in the workplace. Moreover, there are ongoing legal and political debates about religious exemptions and how they intersect with anti-discrimination protections, which could potentially impact the scope of protection for LGBTQ+ employees in certain contexts.
While discrimination against LGBTQ+ workers is technically unlawful, discrimination persists far too often. Although it would be ideal if no discrimination occurred whatsoever, those who are affected by unlawful mistreatment can take some comfort in the knowledge that they have the right to explore their legal options at any time.
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