When the founder of a family-owned business passes away, the next generation often fights over how the business should be run and who should be in control. One such feud might finally be close to coming to an end after nearly 20 years.
John Griffin founded his family business, Griffin Industries, in 1943. The meat-processing company eventually grew into one of the largest privately held corporations in Kentucky. However, when Griffin passed away, his children started fighting over the company.
Four sisters allege that their three brothers improperly cut them out of their proper inheritance.
Recently, a judge stated that the brothers breached their fiduciary duty to the sisters. Now, after nearly 20 years, a trial date is expected to be set for next January as reported by WCPO in “Family feud: Griffin Industries inheritance fight still going strong after 19 years; could end soon.”
Most of the documents in this case have been filed under seal, so we do not know exactly how to assess this particular battle. Nevertheless, these types of family feuds over the business are not unusual.
Passing on a business to the next generation requires proper planning.
What is intended after the founder passes away needs to be made very clear in the founder’s estate plan. Ideally, the next generation should be informed of these intentions and the estate plan to implement them.
That gives the surviving family members time to prepare to run the company and lessens the likelihood of future fights. An experienced estate planning attorney can help ensure that everything runs smoothly, preserving both the business and the family.
Please contact our office today at 239-225-7911 to schedule an appointment with Barbara M. Pizzolato if you are interested in protecting your legacy and need to create or update your estate plan. You may also wish to attend one of our free seminars.
Reference: WCPO (November 13, 2014) “Family Feud: Griffin Industries inheritance fight still going strong after 19 years; could end soon“