We’re all familiar with the ever popular Archie Comic book series. However, it’s a shame that the company is now subjected to bitter legal disputes between co-owners, Ms. Silberkleit and Mr. Goldwater, daughter in law and son of two original founders, respectively. Both have very different plans for the future of Archie and lack of common ground is disintegrating their work relationship. Ms. Silberkleit has an injunction issued against her from speaking publicly about the company and Mr. Goldwater has a defamation lawsuit on his back. Both parties have seemingly irreconcilable differences resulting in costly legal expenses, all which could have been avoided by a Business Succession Plan.
The founders of Archie, Louis H. Silberkleit and John L. Goldwater forgot that their business could well have been the largest asset they left their family. A good succession plan could have avoided the flaming legal contentions between the current CEO’s and safeguarded the future of the comic book empire. A crucial thing to consider is who will be the successor of the business. Two leaders of a company that continuously butt heads is unhealthy for the business. Other important affairs to consider are whether you want to keep certain relatives from inheriting your company, how to protect your children, what will happen to your business partners, and what the worth of your business is.
With a solid business succession plan in place, you can be sure of timely settlement of the estate after you are gone, avoid probate, and eliminate estate tax. Also, a solid plan ensures an agreeable price for a partner’s share of the business and ease of life insurance policy payouts. You can avoid liquidity issues and time constraints. This can prevent cash flow problems and the need to sell the business.
Learn from this Archie crisis. Avoid toxic family disputes and legal battles by preparing your South Florida Business Succession Plan today!
For more information on successful Florida estate planning and probate techniques, please contact the South Florida law firm of Wild Felice & Partners, P.A. at 954-944-2855 or via email at firstname.lastname@example.org to schedule your free consultation.
It’s a Wild world. Are you protected?