Greg Wilson is the president and sole owner of Wilson Irrigation, Inc. (WII). He’s 59 and has two children working in the business. His daughter Katy is responsible for marketing and sales. His son Bill is in charge operations and installations. Greg has begun the succession planning process, but he doesn’t believe his children are …
Not unlike every other important conversation between spouses, succession always has what might be referred to as its ‘Venus and Mars’ moments. One spouse uses feelings as a rationalization for what should be done and for whom—often basing arguments on emotions rather than reason. While the spouse falls back on objective measures and indications from …
Once upon a time, there was a farmer named Timm. He lived on a dairy with his faithful wife Mildred and their four children. The family grew up working together. They milked the cows, put up hay, fed the animals, cared for the crops and tended the vegetable garden. The Timms loved their growing family …
Succession Planning: Equal Isn’t Fair And Fair Isn’t Equal Read More »
I’ve often said a properly drafted and adequately funded buy-sell agreement may be the best legal document in an owner’s filing cabinet. A buy-sell agreement may help by: Preventing unwanted persons from becoming owners. Ensuring continuity of ownership through a number of triggering events. Providing a ready market for closely held business interests. …
The primary purpose of a succession plan is to accomplish the client’s goal of transferring ownership and management responsibility to the successor during the owner’s lifetime. However, a sound succession plan must also provide a contingency plan in the event an owner’s premature death or disability forces a transfer before the intended successors are ready. …
He said, “It’s all done,” as he hurried to change the subject. For John and his wife Sara, planning for succession was checked off their to-do list. They had a trust and a life insurance policy. In their plan, the farm would pass to their son and the life insurance proceeds would be split between …
