The EntreLeadership Podcast

I’m Supposed to Inherit the Business, But Dad Won’t Update His Will

12 snips
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Kirk, a fourth-generation farmer, shares his struggle with his father's outdated will impacting their family business.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.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
ADVICE

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.
ADVICE

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.
INSIGHT

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.
Get the Snipd Podcast app to discover more snips from this episode
Get the app