Family business roots
VoyageSTL Article
At the end of 2024, Voyage STL asked me to share my story for readers (link above.)
In my responses, I look the liberty of going back to the beginning, which for me is being born into a family business. Dee’s Florist was my grandfather’s dream and my dad’s occupation.
My dad was one of those business owners who planned as far out as the next big sales cycle - think Valentine’s Day, Mother’s Day, and Christmas. He wasn’t an innovator. He didn’t change with the times. He ran the business the best he could for as long as he could.
When he died, there wasn’t much for the next generation because it wasn’t built for us. It was built to be an income source for my dad and our family. As such, in a less than orderly fashion, the business was dissolved more than a decade ago.
My family business experience was profoundly impactful in my life. It created some amazing memories and wonderful experiences. And it was the setting for some hardship, hurt feelings, and heartache.
There’s nothing wrong with wanting to run a business that creates the lifestyle you want and ceases operations when you are ready to be done working. In those circumstances you plan and execute an orderly dissolution.
What is problematic is running a business that
never quite reaches your income, savings or profitability goals,
doesn’t allow you to save enough to replace your income due to illness or disability,
leaves heirs with debt to resolve,
you are counting on to fund your retirement but can’t be sold, or
isn’t profitable or sustainable for your heirs.
All business owners WILL EXIT their business eventually.
Even if you plan to leave the details to your executor, you owe it to them to have a well designed plan with all the legal and financial documents in order to take care of the business of your business when you’re gone.
So go ahead, work forever. But please do so
In a way that allows you to generate the income, savings and personal freedom you deserve to live the life you love, and
With an emergency succession plan (for the ‘what if’s’ of life) and a thorough, professional estate plan.
Learn more about how we can help you get the most out of your business and plan for the future to protect and grow what you have and the people you love.
