Confidential Client

Running a business is difficult. Running a business with family members is very difficult. My client was two sisters that recently inherited a specialty business. Both women worked in the business built by their father prior to his passing. The business was doing well when I was brought on as an advisor about 2 years after the father’s death.

Initially, the goal was to align the sisters on the future of the business and assist in developing systems and processes to grow the company. We had small victories over time and moments of alignment; however, it became apparent that the two sisters had different personal goals. Rather than struggle through disagreements that were straining the personal relationship, one sister agreed to step away from the business.

The business did not have a Buy-Sell Agreement in place. Due to the trust built with both sisters, I was able to effectively mediate a fair deal for both sides during an emotional time for all involved. In conjunction with the corporate attorney and CPA, we were able to finalize a deal in less than six weeks. By serving as the mediator, we were able to work quickly and the corporate attorney was able to draft the agreement without any conflict. By doing this, we saved the client thousands of dollars and several months of negotiation and stress.

Sometimes the best result is different than the initial goal but maintaining the family relationship is never a consolation prize.