Blood is not enough
Many estate plans force relatives to become partners, even if they don’t get along. They need help to make it work.
By Joe Paul
One of the many challenges in family business succession involve the creation of what I call “unnatural business partners.” Just because you and your family members are related by blood doesn’t mean you will be successful business partners, co-fiduciaries, shareholders or coworkers. Yet many ill-conceived estate plans force close relatives into business relationships that they never would enter into by choice. Stranding relatives in these unnatural business relationships is often destructive for both the business and the family.
When family members complicate their blood relationship by taking on an additional business role, they may need time and training to help them …
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