FPC #12: Venture Protection & Business Succession Planning

A family business is more than that, it’s often a family mission.

The family is concerned about limiting liability, and providing for business succession.

Suppose you arrive at the office tomorrow morning and find out your partner:

• has died;
• had an accident/illness and is now in the hospital disabled and can no longer work;
• is divorcing from his/her Spouse;
• is being sued personally;
• is filing for bankruptcy;
• has quit;
• needs to be fired;
• just wants out of the business;
• is ready to retire;
• has lost his/her professional license;
• is using his/her equity in the company as collateral for financing a speculative investment;
• doesn’t agree with you on the direction of the company and there is a deadlock;
  wants to give his/her equity in the company to his/her son, the couch-potato;
• has been approached by a major competitor who wants to buy out his/her shares in the company.

If you don’t have a Buy/Sell Agreement, or if the one you have doesn’t work, you could wake up with a NEW PARTNER, such as:

• Your former partner’s spouse;
• Your former partner’s ex-spouse;
• A court appointed conservator;
• Your former partner’s children;
• A creditor of your former partner;
• A bankruptcy court trustee;
• A bank;
• One of your competitors;
• Some third party investor.

This is one of the focus topics we present on a revolving basis at our weekly “guntrust Challenge” competitions — part shooting match, part quiz show.

So come visit our Family Protection Clinic and gain expertise on estate planning and self-defense!