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Family business: Communication key to succession planning, panelists say

published in The Journal Record | March 4, 2015

McAfee & Taft tax lawyer Steven Cole was a featured panelist at The Journal Record‘s 2015 Family Business Forum held in Tulsa, Oklahoma, on March 2. In a subsequent article about the event titled “Family business: Communication key to succession planning, panelists say,” Cole was quoted on how mental illness concerns among aging Baby Boomers can create communication problems and succession obstacles for family-owned businesses.

“What I’m seeing, and we’re going to see a lot more of, is situations where the older client is starting to show diminished capacity,” said Cole. “To me, that may be the biggest challenge we’re going to face in the next 15 years.”

The Family Business Forum featured a panel of experts from the accounting, financial and legal industries whose comments focused on business succession issues and the importance of advance planning, periodic reviews of existing plans, and proper communications.