No one likes to admit his family is anything shy of rational, cooperative, generous, and kind. No matter the boatloads of evidence frequently to the contrary as it happens, people still like to assume that their surviving loved ones will straighten everything out in a reasonable and fair way when that someday comes
People frequently get caught up in emotional storms around major life events, even when they’re happy (for examples: seating arrangements at weddings, races to see newborn grandbabies first). Sad and traumatic life events can bring out the worst sides of our surviving loved ones and tear remaining families apart just when they need each other most. It’s awful, but true.
Throw some money and power in to boot, as with control of and profit from a family business, and it can go from cartoonish to downright ugly. Just look at this recent example
of an embattled brother and sister-in-law.
And to think, with a little business succession planning, this could have been avoided. If your business is one of your babies, make sure you talk with your estate planning lawyer about it for advice on how to avoid common mistakes like these 4.
Create a clear plan for who will care for your business, whether that means wrapping it up or carrying it on, when you no longer can. The odds are stacked against you if you’re not careful, but here are some ways to boost your odds.