Could Exit Planning Have Saved Our Family Business?

Exit Saved PostIn a word – YES!  My 70 year old father as well as my oldest brother both needed an exit plan.  These kinds of plans could have been put in place by a competent outside professional such as a Certified Exit Planning Advisor (CEPA).  Doing so would have gone a long way toward preventing the fall of my family’s business empire during the 1990’s.  Yep, we are one of the many families that didn’t make it.  We did a ton of estate planning but we did very little succession planning and NO exit planning.  The failure to do these things led to the downfall of a once proud Texas business empire.

In fact, I’ll be giving my presentation of this very topic on May 9th at the North Texas Chapter of the Exit Planning Institute.  The event will be held at the Campbell Center, South Tower in Dallas.  The program will start at 7:30 and end promptly at 9:00 am.  CPA’s and CEPA’s will each receive 1 CPE/CE credit for the event.

Some of the stories I will share include the following:

  • The need to prepare the next generation for ownership, management and leadership.  When my father gifted away the shares of the family business, his 4 sons were still very young; too young in fact for corporate stewardship.
  • The advantage of coordinating the estate plan with the business exit plan.  My father’s will was very clear and yet, because it didn’t embrace the possibility of exit planning, what followed was family conflict.
  • The importance of trust and communication in a sibling-run enterprise.  The ‘Boxes’ needed an outside facilitator to help keep communication on track.  Not doing so cost us a fortune.
  • Understand that even the wealthiest business owners need to engage a wealth manager long before they sell their business.

Registration is required but admission is free.  Register here.

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