Grieving widow angry that husband worked to death
Comment: I enjoyed your paper on Key Person Insurance last week. I have a situation where a husband has died. He owned ½ the business. The grieving wife has turned up to demand her husband’s salary. There is no money to buy her out. She also thinks that the business is worth a fortune because, as she puts it, “he worked himself to death in that business” and I suppose, what price can you put on a man’s life?
As their accountant, the whole thing is horrible. There is a high chance that the business may not survive. The grieving widow is not yet aware that her husband gave a personal guarantee secured by her family home. The other partner didn’t provide any guarantees because he had no assets all those years ago.
I recommended that they see a lawyer to document a succession plan a long time ago. The lawyer had the matter for over 2 ½ years but ended up not putting anything in place.
Duration : 0:1:46
Recommended Reading
- Management Succession Planning for Family Businesses
- VideoChat – Business Growth with Andrew Karlen
- ReGENERATION Partners
- Len Green Innovation Discussion – Part 2 of 3
- Management Succession Planning Blueprint (ebook)
Related posts:
