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Preserving the Legacy of a Family-Owned Business
by Tim Bachmeyer, Ph.D. and William A. Snyder, J.D., LL.M. (published 1995, revised 2012)
A hypothetical case study of a family-owned business as together they negotiate the challenges of business succession, estate planning, and charitable giving. The Baker spouses wish to keep the business in the family, but find all three adult children wanting as qualified succession candidates. Their attorney recommends a family retreat guided by himself and a family communications consultant to sort out the issues. Written in lively dialogue form, the Bakers face the challenge of making their dreams come to fruition while addressing issues never discussed in the past, including the oldest son’s alienation, the daughter’s shaky marriage, and the youngest son’s seeming inadequacy to manage a $6 million business. The retreat reveals some surprisingly positive turns in family relationships, as the Bakers discuss in turn which of the most prevalent vehicles available today for the family business will help them achieve a successful succession and retirement plan.
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Step-by-Step Guide to the Probate Process
The filing of a probate proceeding without the assistance of an attorney is prohibited by Florida law. These files are provided for your reference only. Please contact our office for further information and assistance.