Got Family Quick Bits: One Business, Multiple Children

Hello this is Got Family and I am Carey Berger. This is the show where we tell stories from the crossroads of business and family. Today we are talking a little bit about what happens when I’ve got one business and many children. Do we indeed try to divide this? Can it support it? And I guess the easiest answer is this; ask yourself can this business afford to provide ownership income without participation in the work? If so, then you may be able to split your business amongst multiple people. If not, then you are going to need to consider alternative inheritance which could be in the form of insurance, could be in the form of other assets or it could be that you allow the one who is getting the business to buy it. Those payments then go into the estate for division amongst your family. This is Got Family and we’re telling the stories from the crossroads of business and family.