Surprise! You Now Own a Business! When There Is No Succession Plan

July 17, 2013

By creating a succession plan, a business owner can determine what will happen to his or her business once he retires, becomes incapacitated, or dies. Often, succession plans can mean the life or death of a family business. A recent article discussed the story of clothing company Bari Jay, which was passed on to the owner’s daughters without the benefit of a succession plan.

The article profiles Susan Parker and Erica Rosenberg, who are co-owners of Bari Jay. The two sisters became owners of the business suddenly when their father unexpectedly died. According to Parker, their father never even informed them that they would be inheriting the business. Moreover, the sisters did not work at the company at the time of their father’s death.

The sisters faced many problems when they took over the business. Not only was it in the red, but they also lost a key employee who was not willing to partner with the girls. Rumors quickly spread around the company that, soon, it would no longer exist. Although the transition was rocky, the business continues to thrive. Too often, however, this is not the case.

If you own a family business that you plan to pass on to your children, take time to create a succession plan. Be sure to discuss the succession plan with your heirs, as well.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

New Year, Smarter You: Resolutions That Build Wealth and Protect Your Legacy in 2026

Turn your New Year’s resolutions into action. Discover how to align tax, wealth, and legacy planning with your goals for 2026—and build a future worth ...

<p>The post New Year, Smarter You: Resolutions That Build Wealth and Protect Your Legacy in 2026 first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Charitable Giving After OBBBA: What High-Income Families and Business Owners Need to Know

The One Big Beautiful Bill Act (OBBBA) changes how charitable donations are treated for tax purposes. Here’s what affluent families and entrepreneurs need to know ...

<p>The post Charitable Giving After OBBBA: What High-Income Families and Business Owners Need to Know first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

What Venezuela’s Recent Upheaval Reveals About Global Uncertainty — And Why Diversification Matters for Your Portfolio

As political and economic instability roils Venezuela in early 2026, investors are reminded that uncertainty is real — and diversification remains essential to protecting wealth. ...

<p>The post What Venezuela’s Recent Upheaval Reveals About Global Uncertainty — And Why Diversification Matters for Your Portfolio first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>