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Could Exit Planning Have Saved This Family and Its Business
Category: Estate Planning or General Financial Planning
A business can fail even with the best estate planning. Transitioning ownership to the next generation requires careful planning that is documented with expert draftsmanship. But even then plenty can, and often does, go wrong. Doug Box, one of four sons of a self-made multi-millionaire business owner will walk the participants through the tragic story of how his father grew his $200 million + business which the sons were forced by a judge to sell for far less that it was previously worth after their father died when they could not settle their intra-family dispute.
Throughout the session Mr. Box will point out to the participants the steps along the way that dad and sons could have taken that would have preserved both the family business and promoted healthy family communications. It will include a discussion about: the benefits of having a properly funded buy-sell agreement so that his shares could have been bought by the company, even when the company was not bankable; how he thought he knew what amount he needed to net from the sale of his shares in order to start his life over after all the law suits, but found out too late that his estimate was way off; and why it’s so important to surround yourself with a top notch team of advisors which he did not do because he did not know how.
- Prepare the next generation for ownership, management, and leadership
- Determine why the client needs to engage a wealth manager long before he sells or gifts the business
- Coordinate the estate plan with the business exit plan
- Maximize family wealth and keep the family communications open
- Explain why even the wealthiest business owners need to fund their buy-sell with life insurance
Interviewer: Mariann Montgomery, Murphy Business & Financial Corporation
Many business owners mistakenly fail to adequately plan for the sale of their business. They tend to think of divesture only abstractly as something “years away”. The caveat here is that life sometimes presents unexpected opportunities, or obligations that force a business sale. By partnering early-on with owners, well before it is time to sell their businesses, Mariann sets herself apart from other Business Intermediaries. Mariann can help you develop a growth plan and exit strategy so that when it is time to sell your business, even if it’s much earlier than you imagined, you are ready and can achieve your goals.
Mariann helps business owners add value to their businesses. Whether a business is struggling to gain a competitive edge, adapting to a dynamic market, or ensuring its financial health, Mariann can help. Mariann loves to help connect people. Mariann will listen to your needs as a business owner, and draw from the expertise of an extensive network of business professionals to help you solve problems. Whether you need to cut costs, expand your market, identify quality employees or navigate the new media landscape, Mariann can assemble a team to help you.
Mariann is the current President of the north Texas chapter of the Exit Planning Institute and has earned the following certifications and designations: Board Certified Broker, Board Certified Intermediary, Certified Business Intermediary, Certified Exit Planning Advisor and Certified Mergers and Acquisitions Intermediary.
Speaker: Doug Box, Family Business Consultant, Author and Public Speaker
Doug Box is a certified family business consultant, author and public speaker based in Dallas, Texas. He is a frequent presenter at family business forums, wealth conference and trade associations across the country as well as a guest lecturer at several universities on the topic of family business.
In September of 2014 he published his first book, Cutter Frisco, Growing up on the Original Southfork. In the fall of last year, Doug released a more extensive book about his father called Texas Patriarch – A Legacy Lost. In 2005 he formed Box Family Advisors and began helping private families with succession planning, corporate governance, dispute resolution and family meetings.
Doug brings personal experience to his understanding of family dynamics. As the youngest of four sons, he grew up and worked in a family enterprise all of his life. The Box Family controlled a number of public and private companies with interests in oil & gas, cement manufacturing and real estate. Following his father’s sudden death and a litigious four-year family ordeal, Doug led the sale of the oil and gas concern known as Box Energy Corp.
Doug attended college at the University of Texas at Austin. He received an MBA with honors at Baylor University in 2004 and a Masters in Dispute Resolution from SMU in 2011. He also holds the Certificate in Family Business Advising from the Family Firm Institute, which he completed in 2011.
CEPAs receive 1 CE credit
CPAs receive a certificate for 1 CPE credit
CFP will recieve 1 CE Credit