Business owners anticipate changes in the future with things like strategic planning, life insurance policies, estate and trust documents, and more. However, what happens when all of this is circumvented by life changing events with family members and key employees?
Joe Ambrose, Executive Director of First Bank’s Center for Family-Owned Businesses and Jim Del Carmen, Partner at Collaborative Strategies, discussed unexpected events like premature death, divorce, criminal behavior, substance abuse, or unexpected exits from the business and how these things can undermine even the best of plans. What does the family business owner do next?