For those of you who are looking forward to passing your business on to your children, I strongly urge you to read an interesting article from Toronto Life Magazine published on February 17, 2022. I won’t get into the article here, but it’s a tale most parents would be horrified to know could happen to their family if they pass the business on to children. This isn’t a new story, it happens all the time when business parents fail to plan for succession. At this very moment, I’m involved in a number of situations where the children of the founders of a family business just can’t get along.
I totally understand why the “natural” succession plan is to pass the business on to the children. While it seems so right, it can turn out so wrong. So why do parents set their children up for a lifetime of litigation?