Last month, we discussed the need for every business family to have their Wills, Powers of Attorney and Succession Plans in place. As a follow-up, this column addresses the need for business families to hold discussions to finalize retirement, estate and succession planning issues. When meeting with clients about their Wills, clients often say “everything
Here are two very important questions for all of you. The first important question: “What would your family do tomorrow, if you unexpectedly died tomorrow?” For most business families, there are only 3 responses: We don’t know. We don’t have anything in place. We have our Wills, Powers of Attorney and Personal Directives in place.
The simple answer to this question is that the operation of a family business is a paradox and every aspect of their business is subject to pressures, loves, opinions, demands and emotions of the entire family. Introduce family members from multiple generations (and their respective spouses) and perhaps the interests of non-family member owners, board
What is more challenging: understanding the complexities of your family or managing your own business? Now imagine how those complexities may be magnified if are operating a family business that is being transitioned to your children or is to be co-owned with your siblings or cousins. Welcome to the world that many business families are