Legal-Ease: Communicate first, then plan

Too little communication can be terrible for personal relationships. Lack of communication when it comes to family businesses can be similarly devastating. Sometimes assumptions are made when it comes to the family business and succession planning, and this can cause trouble.

Comfort with each other can sometimes lead us to replace communication with presumptions. For example, a husband may conclude that there is no reason to ask his wife a certain question “because I have known her for years, and I know how she would answer such a question.”

Obviously, too little communication can demolish personal relationships. The damage can be similarly devastating when it comes to family businesses. Our region’s incredible work ethic and values that so deeply embrace faith and family leads us to have many family businesses such as farms, retail operations and home-based ventures.

Read more about the importance of communication when it comes to family business succession planning in Lee’s article in the Lima News here: Legal-Ease: Communicate first, then plan

Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.

Posted in Business Law, Estate Planning and tagged .