Prioritizing Succession While Growing a Business
Growth, Legacy, and Family.
For over 25 years we have manufactured and distributed high end, custom chairs across the globe. We had also invested heavily in real estate and other local business to help build infrastructure and employment possibilities in an otherwise declining small Ohio town. My children and eventually their spouses were involved first in our foundation and eventually in the business. David and Matt continued to encourage our family to complete a business succession and estate plan. To be honest that was not something I wanted to work on.
Benchmark pushed me to think deeply about the future. I was spending my time running a business. I truly did not want to deal with the possibility of my death. These are really tough decisions. How would it impact our family?
I could not stop thinking about questions they asked like Who would run this company I founded if I am gone? How will you prepare your children to lead the business you started? One thing I did realize was my deep concern about the impact of estate taxes on my family and our business.
The last 5 years have been a whirlwind! Where had the time gone? Our business had grown rapidly, we expanded internationally and the leadership at the company is comprised mainly of family members. Despite building a strong team David and Matt kept asking me about the inevitable…my death or disability.
It was clear that our estate planning documents were out of date and likely did not consider all the changes at the company and within our family. Benchmark strongly encouraged me to more fully consider our charitable intent and potential changes in estate tax laws.
“If I died prematurely, how would it impact the business and my family?”