There will be children who love the family business and those who do not

 A client told me that he was planning on giving his business to his 2 children who worked in the business, when his wife reminded him that they have 4 children. This illustrates a natural inclination to include the business as part of an equitable distribution of the estate. It’s important to remember in these situations that there is a difference between fair and equitable when it comes to succession planning. The “equitable” part takes into account that one child may be a school teacher and another an investment banker. The “fair” part comes about as the result of open and clear communication. Paraphrasing an ancient Chinese proverb: Starting this communication 20 years ago was not too early. Starting it today is not too late.