Q: I’ve been working in my family business for 20 years now and have basically taken over operations at our company because my Father, who is the sole owner, has become very sick and elderly. We don’t have a succession plan and I’m afraid that if he passes away, everything will go to his third wife and all my work will be for nothing, and I’ll have to find a new career. How do I get him to the table with a lawyer to develop a succession plan before it’s too late?
Adrian K.
A: If the family relationship is either toxic or compromised, as in your case, due to your father’s health and marital status, I always advise getting your own lawyer. The family’s attorney will most likely have a conflict of interest as their loyalty might be to your father and may be unduly influenced by your stepmother. Time is clearly of the essence, as your fears are warranted. Don’t panic, but don’t hesitate either. Hopefully, your lawyer can then get some clarity to see if succession is feasible or not.