Heir to Bussiness owner

Discussion in 'Growing and Managing a Business' started by cgem, Jul 12, 2010.

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should we walk away and start over, or keep fighting

  1. Should we bail

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  2. should we fight for the company

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  1. cgem

    cgem
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    My husband has worked for his fathers company for 20 years. In his dads will it gives the right to my husband to purchase all the shares from the estate. However there are 6 other siblings that are very unhappy about it and are doing everything possible to sabatouge my husband being able to move forward with the business. The other thing is that the company is not in good shape at the moment although it is a 42 year old company, there are several lawsuits pending some in favor some against the company including one which will likely prevent the company from getting the work it has done in the past for at least the next 3 years. In the meantime all of the siblings are doing everything possible to complicate matters even more. The company unfortunately in the past several years has made a not so good reputation for itself, it is possible to recover from all of this, but not likely if everything is held up in the estate for too long. I have said that I think he should ask for severance pay and we should move on, turn over the keys to the siblings and start something for ourselves that is not embattled in controversy and a bad reputation before our lives are ravaged from all of this, but my husband wants to continue to try and make this work. Any opinions would help tremendously.

    Thanks
     
  2. Fergal

    Fergal
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    Welcome to Business Advice Forum cgem. I'm sorry to hear that you and your husband have found yourselves in this unfortunate situation. It really does sound very difficult and stressful. Legal wrangles are tough at the best of times, but they are especially tough when they involve family.

    If it was me, I'd try to focus on the fact that life is short and I would do my utmost to avoid a stressful situation that could potentially reduce the quality of your life for years to come. One option you might explore is mediation. Use the services of a good mediator and bring all family members together to discuss the situation in a mature and reasonable manner. A professionally facilitated yet frank conversation like this could get a lot of opinions out in the open and help to resolve the situation in a much speedier manner than going through the legal process.

    Perhaps the other members of the family are not aware of the difficulties that the company is facing, and if they are aware of them, they may not fully understand the gravity and seriousness of the situation. It would be important to explain this situation in a clear and coherent manner, at any meeting. The services of an accountant or a lawyer, might be helpful in this regard.

    Good luck with it and please do post back with your thoughts.
     

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