“Misplaced” is often a substitute in business owner lexicon for “I have not reviewed my Buy-Sell Agreement since it was written”. Where is it? Is it buried in your Operating Agreement for your LLC, or is it in a file in a drawer not opened in years?
Most of us, even while the other person is speaking, we are already working on our next point. And, more or less consciously, when we hear someone, we anticipate possible next words they might say.
The Board of Directors is where the will of owners turns into action. It is also one of the most challenging steps to take for a business owner as they may be advised to do things differently.
The foundation to a successful plan in family business transitions is having a shared vision of where you want to go. Once we have this, we can begin to map out an “array of paths to our desired point”.
Having clarity about your destination is a key to your destiny. We often meet with families who have embarked on a transition plan that has proven not to be the destination they intended.