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The business of families
Use a will or a trust in estate planning?
Friday, April 03, 2009
Three Generations of Family Entrepreneurship, Conflict, Transitions and Connection From Swords to Ploughshares
Harry McNeely Sr started a storage and transport company with his brother-in-law in 1916. Whereas his sons, Don & Harry Jr, were taken into the company, Harry Sr made provision for his two daughters to be financially independent but gave them no stake in the family business. After his death, the daughters contested the will and were made minority shareholders, but not before the family had endured the largest court ordered business liquidation in Minnesota's history. Interesting case study from INSEAD posted by Charles Monat Associates at 9:42 AM
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