By Maureen T. Mckay
In an earlier article in our series, Murray Gottheil quoted these words from Leo Tolstoy: “all happy families are alike; each unhappy family is unhappy in its own way.”
The sad truth is that there is unhappiness in all families, and many families do not like to share their secrets. Working with these families on business succession requires professionals to be trusted, and, as Arthur Ashe said, “Trust has to be earned, and should come only after the passage of time.”
By Maureen T. McKay
One upon a time, I had a client named Jack, whose mother had granted him a Power of Attorney (“POA”). Some years later, Mom’s capacity became questionable. Jack’s sister, Jill, wanted to have Mom create a new POA in her favour that would terminate Jack’s POA. The future of a family business hung in the balance. Someone was likely to come tumbling down the hill. The dispute made quite a few family members unhappy, and quite a few lawyers a lot of money.
“A dysfunctional family is any family with more than one person in it.” ~ Mary Karr
In an earlier article, I wrote about taking responsibility for planning for the succession of our personal and business affairs and threatened that Maureen McKay and I would write subsequent articles to explore this topic.
My wife, Maureen McKay, is the love of my life, so it is only natural that I want to be sure that she will be well taken care of when I pop off. And since I am now 70 years old and she is quite a bit younger than I am, it only makes sense that I would try to put some things in order to make it easier for her to go shopping when I nod off for the last time.
I have many thoughts about family business succession. Here are a few of them: