What are the common challenges faced in doing business succession planning?
Phoenix, AZ estate planning attorney Chikk Myers talks about what can be hard when business succession planning.
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One of the most common challenges with business succession planning is the individual just feels he’s immortal. I can tell you, very typically, the males don’t see the future, don’t want to plan, yet it’s their wife that brings them in because they want the security of knowing that something’s in place. Generally, the wife brings him in kicking and screaming and they reluctantly move forward with estate planning process as well as a business planning process.
It helps but it also hurts when some of the involved in the business and some of them are not. How do you plan for succession when you’ve got one child that can easily step in, how do you take care of the other children who are not involved in the business, how can you be fair to all your children in that situation?