When it comes to forming and operating your business, sometimes thinking about where to begin means thinking about where you will end.
For the family business, or the succession-minded businessperson, the stumbling block is often the basic question: what do you name the business? Should your business bear your name, or should the family business bear the family name?
While some may consider the decision a matter of personal or family pride, or even a matter of vanity, that doesn't mean there aren’t important issues in play. The consequences of naming your business was tackled recently by Forbes in an article titled "How Having Your Name On Your Business Limits Your Options."
The essential point, however, is that putting your name on the company forges an inextricable link. On the plus side, this can be a boon if your business and brand do well, especially if your heirs carry on the business. On the down side, doing so may not be in the best interests of the business, or even your heirs.
The original article is a quick read for a review of some practical considerations and problems. In the end, this decision is a tough one.
Reference: Forbes (August 17, 2012) "How Having Your Name On Your Business Limits Your Options"