Struggling these last several months with the family dynamics and dilemmas of transitioning his family business to the next generation, Big Daddy Ernest Bux, 65, now turns to ordinary, practical considerations. What are Buxboro Bank and Big Daddy’s other businesses worth, and is it enough to accomplish what he wants?  Does Big Daddy have solid estate planning – both to successfully transfer assets to the correct beneficiaries and to deal with possible taxes – in order to accomplish his goals?
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Continuing to struggle with transitioning his family business to the next generation, Big Daddy Ernest Bux, 65, considers perhaps the most difficult task on his checklist: Ensuring that both his management succession decision makers and all of his ownership succession members are good communicators of both business and family issues. A couple of months ago, Big Daddy Bux addressed the family factor and its two components – the management succession process and the ownership succession process. Now that the management successors (the business decision makers) and the ownership successors are identified, how can Big Daddy equip them both to be good communicators?
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Continuing to deliberate about when and how to exit from his family business, Big Daddy Ernest Bux, 65, considers yet another task on his checklist: Determine Exit Strategy. He’s already Identified Successors and Decision Makers, and Planned for Contingencies. Yet to be tackled are Establish Goals, Plan Entity Structure and Transfer, Complete Estate Planning, and Implement Document Maintenance and Control. Asking his banker last week about a new loan to expand his business, Big Daddy learned that his banker cannot give him a business loan without seeing a complete exit plan. How is an exit strategy different from last month’s thoughts on identifying successors?
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Realizing that at 65 it’s time to talk about succession of his family business – especially Buxboro State Bank, Big Daddy Ernest Bux identified his checklist: Identify Successions, Identify Decision Makers, Plan for Contingencies, Establish Goals, Plan Entity Structure and Transfer, Complete Estate Planning,  Determine Exit Strategy, and Implement Document Maintenance and Control. To succeed, what does identifying successions and decision makers look like for Big Daddy’s family business?

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Realizing last month that, at age 65 he’s ready to think about his family business succession plan – especially for Buxboro State Bank, Big Daddy Ernest Bux identified his checklist: Plan for Contingencies, Establish Goals, Plan Entity Structure and Transfer, Complete Estate Planning, Identify Decision Makers, Identify Successors, Determine Exit Strategy, and Implement Document Maintenance and Control. Must Big Daddy’s family business have a contingency plan for divorce to succeed?
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Finishing a best-year-ever 2018 and being questioned daily by his second wife Anna Nicole about making her children officers and owners of the family business Buxboro State Bank, Big Daddy Ernest Bux concludes, at 65 years old, that it’s time to think about a family business succession plan. What should Big Daddy do? Is he likely to succeed?
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After several months of telling family and friends that his wedding venue business on Big Bux Ranch was for sale, Jeff Bux is contacted by his biggest competitor Hustler Plentee who also owns a wedding venue in the next town south of Buxboro. Hustler asks if Jeff will tote-the-note because his credit is maxed out at Buxboro State Bank, which is owned by Ernest “Big Daddy” Bux. Wanting to avoid a broker’s fee and an attorney’s time, and hoping that he might be able to get a job at the Bank, Jeff – uncharacteristically – asks his father for advice to help him sell it himself. Can Jeff sell his own business? If you were Big Daddy what would you say?
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