Bascom Law, PC
By Mike Bascom
October 3rd, 2024
You’ve worked too hard to let the division of your business assets become a source of pain and conflict for your family.
You’ve built a successful business that has provided for your family and created a legacy you’re proud of. But when the time comes to pass it on to your heirs, the very thing you worked so hard to create could become a source of conflict, resentment, and division. Without a clear plan in place, the business you built to bring your family together could end up tearing them apart.
Picture this scenario: You have multiple children, each with different skills, interests, and involvement in the family business.
One child has been working alongside you for years, while another has chosen a different path. When it’s time to divide the business assets, how do you ensure that each of your children feels they’ve been treated fairly? If you leave it to chance, you risk sparking jealousy, infighting, and even legal battles that could destroy your family’s harmony—and the business itself.
Without a solid plan, your children might end up fighting over who gets what.
The child who worked in the business may feel entitled to a larger share, while others may feel slighted if they receive less. This kind of discord can lead to costly and bitter disputes, draining your estate and damaging relationships that may never fully recover. The business you poured your life into could be dismantled, sold off, or run into the ground—all because there wasn’t a clear, fair strategy for dividing the assets.
We encourage open communication with your heirs. By discussing your plan with them ahead of time, you can address any concerns, manage expectations, and reduce the likelihood of conflicts down the road. We’re here to guide these conversations, ensuring they’re productive and respectful.
Mike Bascom, Estate Planning & Elder Law, Georgia
