Carl lived the dream shared by many people. He had grown his landscaping business to the point that it supported a comfortable lifestyle. Better yet, the business had supported the education and training of his family. One of Carl’s three children was directly involved in the family business, working alongside his Dad.
Like many business owners, Carl planned on retiring and turning over the business reins to his child. He intended to work a handful of hours each week, be a mentor, and sit back and watch how well the business supported the next generation.
Carl received good advice and started the transition early – about five years before his anticipated retirement. He had to have courageous and sometimes difficult conversations with his family members:
- Did his child that currently worked in the business want to take over?
- If so, did this child have the skills to make it run?
- Was he selling the business to his child or would this be a gift? How do his other children feel about this?
- Was the family clear about Carl’s expectations for working after retirement?
- Was everyone clear about Carl’s timeline?
These questions and conversations were not easy, but they were essential to achieving the best results. Carl had witnessed families and businesses crumble because of assumptions that were made, and expectations that went unmet. He did not want the same result for his family. He wanted everyone in the family to be a part of the plan.
Carl did not assume the best outcome, he planned for a better one.
Working with a lawyer that practices Preventive Law improves the likelihood of a great outcome. Talk to the team at Brown Lawyers and get ready for Life in Balance.