Managing ParadoxesManaging Paradoxes
I'll be the first to admit that estate planning for the family business owner isn't easy. Many families don't even engage in the process. Those that do rarely execute on the entire plan. Why is it that those families most in need of estate planning (family business owners) are also statistically the least likely to plan? Maybe we, as advisors, need a new framework for approaching the issues facing
David Thayne Leibell, partner in the Stamford, Conn. and New York City offices of Wiggin and Dana
I'll be the first to admit that estate planning for the family business owner isn't easy. Many families don't even engage in the process. Those that do rarely execute on the entire plan. Why is it that those families most in need of estate planning (family business owners) are also statistically the least likely to plan? Maybe we, as advisors, need a new framework for approaching the issues facing family businesses.
A recent book, Family Business as Paradox,1 shows that many problems in family businesses are actually paradoxes, based on the fact that a family business is, by its very nature, a contradiction. Fortunately, as the book illustrate...
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