[Main General Bulletin Board | BBFAQ | Prev by Date | Next by Date | Post Followup ] Member Login / Signup - Members see fewer ads. - Latest Member Gallery Photos Estate Planning Question Like This Post: - Subscribe to Daily Digest for this Bulletin Board Posted by Randy Thatcher [Email] (#22) [Profile/Gallery] (more from Randy Thatcher) on Mon, 10 Jul 2006 22:52:53 Alert me when someone posts in this thread: Members do not see ads below this line. - Help Keep This Site Online - Signup

My family will be meeting while all of us will be in town visiting the folks. My dad wants to discuss how to split up the business and things so it's fair for all. He wants to avoid a huge mess that occurred when my grandparents passed. It's a bit weird to discuss this here, but since saabnet always comes through with so many other things, I though I'd try.

The scenario...

Parents are celebrating 40th anniversary, and are generally in good health. I have an older sister and younger brother. Mom, dad and bro live in Ohio. Sis in Denver. I'm in California.

Dad owns a successful mail order business, and is turning 65. He's not retiring yet, in fact he's about to buy out a failing competitor's inventory. My younger brother has worked for him for about a year, and he will likely take over the business.

The folks also own a family farm that is paid off in full. I assume one day my bro will move his family to the farm as the biz is on the farm.

Dad wants to talk about a few things when we're all together next month, so we're all in agreement and avoid nasty fights in the future. The idea is to have an open round table discussion, get everyone's input, etc.

I'm sure I'm not the first in this position. Any suggestions for laying things out in a "fair and equitable" manner?

What to do when my old man retires?
Brother buys out the business?
Other ideas?

When the folks pass?

Feel free to discuss here or email me. (click on my name)

Thanks in advance for the advice,
Randy

• Estate Planning Question, Randy Thatcher , Mon, 10 Jul 2006 22:52:53 <-- Viewing This Message
  • Back from Japan?...., Mike Lynch , Tue, 11 Jul 2006 14:32:11
    • Yep - Trip was good., Randy Thatcher , Tue, 11 Jul 2006 14:41:26
  • succession planning, phillymb75, Tue, 11 Jul 2006 08:10:37
  • Agree with TKC, Thank your parents for doing this now.., MI-Roger , Tue, 11 Jul 2006 07:48:22
  • Re: Estate Planning Question, jp, Tue, 11 Jul 2006 07:16:48
  • It's is all up to your Dad (and Mom) to decide....., TKC, Tue, 11 Jul 2006 06:52:49
    • My link to my post only has the first few pages...., TKC, Tue, 11 Jul 2006 15:13:17
  • potentially difficult questions, Sam, Tue, 11 Jul 2006 06:13:20
    • It's easy, dudewithasaab, Tue, 11 Jul 2006 13:48:23

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