Imagine that you are sitting at the Thanksgiving dinner table with your family—aunts, uncles, cousins, and distant relatives from out of town. Someone at the table cavalierly asks: “who do to plan to vote for in the next election?” World war III breaks out while the family members debate whether Obama or Romney is right for the county.
Now imagine that these same people are shareholders and employees in your family business. If these people cannot agree among two candidates about whom to vote for, how they will be able to agree about the joint management of their financial affairs? The answer is – only with great difficulty. This is one reason why so many family businesses, and so many families, end up in costly litigation.
Here are some observations, from someone who has litigated many intra-family disputes, about what might have been done to avoid a nasty and expensive…
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