Business Succession Attorney in Minneapolis, Minnesota

Dying Without a Succession Plan

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Well, that’s a good question. We see that a lot. A typical example would be one of our beloved musicians who just passed away. Prince. He has this vast estate and vast business holdings and, as far as we know, there’s no estate plan or any kind of business succession plan.

And so what you have is family members who are just in there to try to take as much as they can out of it. They’re not interested in whether the business goes on or not. They could care less about the legacy that maybe the business owner wanted to leave behind. They just wanted to tear it up and take the money and run.

We advise people to at least make sure not to fall into that category, because you don’t work as hard as you do to build something just to see your family members basically sticking their fingers in each others’ eyes to get at it.

Minneapolis Business Succession Planning Attorney, Ivory Umanah, talks about what happens if someone dies with no succession plan.

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