Just like State Farm’s “Discount Double-Check” reminds us to revisit the price of our insurance policies, it is important to double-check that your company’s documents, policies and its owners’ estate plans remain aligned with personal and company goals. Recently, we had the chance to work with the owners of a family business who were convinced that “everything was in place” in the case of the death of a member of the current ownership generation. On closer look, that estate plan may have worked in 1985, but it had become woefully outdated due to the company’s growth and significant increase in value. If the status quo had remained, it was very likely that the business would be sacrificed to meet tax obligations. As we dug deeper, we realized that there were other issues that had arisen that were in dire need of attention, such as clear guidelines for family member employment, advancement and ownership.
This experience led DWT to develop a fixed-priced Family Business Alignment Program. Through a series of meetings with the key players in a family business, our Alignment Program analyzes how the various components of management and ownership structure mesh with short- and long-term goals. Our Alignment Program brings together all of the pertinent information. It includes discussions with multiple members of the family about their interests, goals and challenges, and outlines possible next steps. Each Alignment Program is individually tailored to the particular family and family business. Please click here
to learn more.
, a partner in Davis Wright Tremaine LLP’s Family Business practice, provides strategic counsel to multi-generational and family-owned businesses. He takes the time to learn the nuances of each client's business and tailors his advice accordingly.