In business succession, be fair, not equal
Question: I have three wonderful adult children. Only one of them has come into the family business. The other two have lives of their own. I am having a hard time figuring out how to be fair to my children in my estate plans. Most of what I have is tied up in the business, but leaving the business in equal thirds to my three children won’t really work either. Any ideas?
Answer: Don’t confuse equality with fairness.