Nothing will captivate the interest of the media like a wealthy family involved in a spat over the fate of a billion dollar empire. The high stakes for the parties involved, combined with the salacious stories that often emerge, entrances the public but can also serve as a warning to those families that might find themselves subject to the same troubles. The travails of other billionaire families such as the Marshall’s of Anna Nicole Smith fame and, more recently, the Restone’s show how an aging patriarch can ultimately throw the future of establishes succession into uncertainty. The refusal to step aside from leadership of a business combined with the disputes that often arise with adult children who are eager to take control can plague those that have great wealth and an active involvement in management at a late age. As a result, it is always a good idea to maintain lines of communication between the generations of family so they can better understand each others desires concerning money and business control. Being on the same page can help avoid disputes that lead to much bitterness and, often enough, prolonged litigation.
See James B. Stewart, When Family Fortunes Beget Vicious Power Struggles, The New York Times, February 11, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
