What could be more valuable to knowing about Succession Planning than actually having a first-hand experience with owning a business with your family?
Owning the Groceria Italiana with my mother Rose and my brother Jim, is an experience which has explained to me not only the issues of a business, but also it has explained to me the prospective pitfalls for the future ownership and operation of a business which needs to grow in order to provide for the benefit of all.
With respect to understanding the issues of business, as an attorney my first hand appreciation of employment issues, human resources matters, management, and taxation, has been enhanced by my further understanding of the less tangible amenities of being part of a community like Bloomfield and preserving one's culture. When you own a family business, it is about making a payroll and not a paycheck. It is about providing service and not just about making a profit. It is about creating opportunity for others.
Yet, as the Italians say, with the "meat comes the bones". How do you provide inclusion for all of those who should inherit the estate and ownership, while avoiding dispute and the aftermath of dispute that can divide those which the enterprise was designed to protect, provide for, and share with? How do you make sure that there is a seat at the proverbial table for all that were expected to benefit? How do you prevent litigation of receivership, whether in a civil court or in a court dealing with an estate, when one of the owners has died?
This is what we do at the Flaherty Luvara Law Group, LLP.
Joe Luvara is a principle in the Flaherty Luvara law group and this article is reprinted with permission.
Follow us: @triblive on Twitter | triblive on Facebook