Original Financial Impact
- Owner founded construction business that was 24 years old.
- Couple in mid 40’s and 3 children.
- Operating agreement did not align with owner’s plans for succession, or with his personal legal documents.
- One son was involved in the business and wanted to inherit or purchase the company in the future.
- Desire to equalize the inheritances to all children.
- If the business were sold or transitioned the owner would face a large capital gains tax bill.
Original Family Impact
- The company did not have defined core values.
- Owner was leading and operating the company but had no succession plan in place if something happened to him.
- Key employees were not adequately compensated or protected.
- Little to no communication surrounding business issues and objectives.
- Several employees did not seem to be in the right roles.
- The company had no formal structure for community involvement.