The EntreLeadership Podcast I’m Supposed to Inherit the Business, But Dad Won’t Update His Will
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Oct 6, 2025 Kirk, a fourth-generation farmer, shares his struggle with his father's outdated will impacting their family business. He grapples with whether to sell his home to alleviate $700K farm debt and stabilize cash flow. The discussion dives into practical strategies for managing seasonal income and making tough financial decisions. Additionally, insights on leading a team through disagreements with conviction and clarity take center stage, making this a thought-provoking conversation for anyone in business.
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Force The Estate Conversation Now
- Persistently press for formal estate planning and honor while you do it.
- Offer to set appointments and help find an estate attorney until the will and stock transfers are done.
Use Early Stock Transfers To Avoid Estate Tax
- Transfer stock gradually now to use estate tax exemptions and create clarity.
- Move ownership before continued growth pushes valuations above exemptions.
Verbal Promises Won't Prevent Court Battles
- Not having a written will invites costly legal fights and judges deciding your wishes.
- Verbal promises to family are worthless without formal documentation.