Just because two business partners get along well doesn’t mean the next generation will do so too. When succession planning is done in advance, restrictions — or at the very least, mechanisms to dictate how decisions will be made and what procedures are to be used in case of disagreement – can be used to avoid messy, protracted battles.

A recent New York Times article, The Battle for a Comic-Book Empire That Archie Built, detailed the ongoing legal battle over the two dueling CEOs of Archie Comic Publications. The story of the fight can be a vivid illustration for advisors’ clients about why it’s important to work with experienced estate planning attorneys, particularly those skilled in business succession planning, when there is a family business.  No one thinks that ugly feuds like this one can happen. But they do, and proper legal planning done in advance is the best source of prevention.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access