Bradley Hamner warns entrepreneurs that co-owning a business with a non-family partner requires an estate plan. Without one, a partner's death leaves the surviving owner tangled with the deceased's heirs over ownership, threatening the business itself.
Since we're talking about business owners, I want to go over this one because I think it's probably one of the biggest disasters that I see all the time with business owners. If you own a business with somebody else that is not a family member, then you absolutely need to be talking to an estate planning attorney that deals with business planning. Okay. There's, there's so many issues that arise. And so usually the main issues that are going to arise are, well, one that absolutely will happen is death. Sometime your partner will die in your business. And if you guys haven't talked about what's going to happen with the business at that point, it's going to be very difficult to deal with when you're now dealing with whoever is going to inherit his interest or her interest in that property.
