Crafting a Succession and Estate Plan for a Family-Owned Business

We helped a couple, ages 48 and 49, who had been married for 20 years. They were navigating the complexities of running a family business while raising four children, including a 20-year-old with special needs.

The husband co-founded the business with three partners, which had since dwindled to two, with one partner looking to exit. Their oldest child, a recent logistics graduate, expressed interest in joining the business and eventually taking over, but the couple was unsure of the company’s true value or the best path forward—whether through an internal transition or an external sale.

We worked closely with them to address their pressing need for a comprehensive succession plan, estate plan, and financial strategy. Given their busy lives and limited time to coordinate all the necessary elements, we provided the structure and guidance to ensure these critical areas were addressed without overwhelming them. We also helped them analyze the company's financials, identifying concerns around potentially running too many personal expenses through the business, and explored ways to bolster personal cash flow to improve their overall financial health.

Additionally, we highlighted the gaps in their life insurance planning, which up to that point consisted of outdated and minimal cash value policies purchased early in their marriage. We also guided them in implementing a more robust life insurance strategy, both personally and for the business. Their desire to continue financing their children’s education, as they had since private elementary school, was integrated into the plan.

Finally, we addressed their concern about whether their children—who grew up much wealthier than their parents—would have the same motivation to succeed in the family business. By helping them create a structured succession plan, we aimed to foster an environment where their children could thrive while ensuring the company’s value and legacy would be preserved for generations to come.