Business Succession – Business Success?
What’s that got to do with Elder Law? Consider the situation of John and Jim. They worked hard, for many years, built a great business and a great relationship. But Jim died, and John realized that Jim’s wife was not a person that he wanted to work with for the rest of his career. However, there was no succession plan in place. So, Jim and Jane, John’s wife, are facing a series of decisions and maneuvers that might even include selling the business, and John can’t afford that! It’s his livelihood, and selling now, right before that big contract is signed just doesn’t make sense! A plan of succession would have avoided all of Jim, John and Jane’s heartache and trouble. Every business owner should have a plan in place to deal with these matters.