Many entrepreneurs and business executives are caught in a trap commonly known as the Entrepreneur’s Dilemma. The dilemma is that the principle devotes all of their time, energy, and focus to working in their business rather than on their business. They are consumed by the regular routine of managing personnel issues, client and customer expectations, staying competitive, making and keeping the business profitable, and putting out fires. They are busy and have little or no inclination to deal with less obvious matters they don’t perceive as immediate or urgent. Things like whether the current organizational structure is up to date and continues to serve its purpose, family dissention over the family business, how the business will continue when the principle is no longer involved, the impact their own divorce or the divorce of a business partner may have on the continued prosperity of the business, or what happens if a business partner wants out or is no longer carrying their share of the load or has become disruptive are “out of sight, out of mind”. They are not perceived as immediate and in the mind of the business person can be dealt with later. What the business person fails to realize is that any of the issues can arise unexpectedly and when they do can have immediate and catastrophic impact on the business and the family if not properly planned for.
At Casey Law Group we help solve the Entrepreneur’s Dilemma. We focus on the “out of sight, out of mind” matters and the details that surround them so that the business person doesn’t have to. Our process is carefully designed to flush out those contingencies that are most relevant and that are likely to have the greatest impact on the business and family when they arise. We then design strategies to deal with them. Once a strategy is approved, we implement it and integrate it into the overall estate plan.
Be proactive rather than reactive. If you wait for a contingency to arise before planning for it, it’s too late. The time for business planning is now. Contact us or call us if you’d like to talk about how we can help.