Episode 17 Aaron Flinn discusses real-life family business case studies

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You will hear real life stories about a company co-owned by two brothers; a family business where parents are treating everyone equally; and a family business where Dad’s “second marriage” combines “new kids” and a child from Dad’s first marriage who is actively involved in the business.  

 

Business owners and entrepreneurs, corporate officers and executives, and investors and families with inherited assets seek advice from Aaron Flinn for the purpose of ensuring financial stability and continued prosperity.  Serving clients with trust and estate as well as wealth preservation needs, Aaron helps craft and deliver strategies that reflect the client’s values while capturing the tax benefits available given their current circumstances. 

 

In today’s episode, I will ask Aaron to share:  

 

  • How would a buy-sell agreement have helped avoid the deadlock that occurred in the business owned 50/50 by brothers when one brother died unexpectedly? 

  • What would you suggest to parents to transition from treating their children “equally” to treating them “equitably” in their family business? 

  • Why is it important that children be given roles in the company that are appropriate to their capabilities and be paid accordingly for the work they do? 

  • How should the conversation between Dad and his new wife about the family business be started when a Dad is about to get married for a second time and there are children from both parents involved? 

 

To learn more about Aaron Flinn and Waller Law visit their website at www.wallerlaw.com 

 

To learn more about growing your family business and planning for a successful transition, you may be interested in joining a family business roundtables.  To learn more, check it out at 

www.tncfb.com/family-business-roundtables/