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.
Periodically we focus on these topics at our free Family Protection Clinic. It’s an estate planning seminar, with revolving focus topics, including small snack lunch, held on most Tuesdays. Check our event calendar! We give away valuable incentives to encourage you to keep attending.
In addition to getting valuable voucher for free handgun training at the world’s largest shooting school (details here) and satisfying the prereq for our free California concealed carry class (details here), you’ll be able to intelligently discuss venture protection and business succession with friends, family, and neighbors.
So come visit our Family Protection Clinic(s) and gain expertise on estate planning and self-defense!