Estate planning is not only about distributing personal assets to loved ones. For business owners, it is also about protecting one of the most valuable assets they will ever create—their business. Without proper planning, uncertainty can arise regarding who will take over leadership, whether the business should be sold, or how ownership interests will be managed.
The HBO series Succession dramatized what happens when a powerful family business lacks a clear succession plan: infighting, uncertainty, and instability. While fictional, it captured the very real consequences of failing to plan for the future of a business.
A recent real-world example reinforces this point. Giorgio Armani, founder of the Armani fashion house, publicly outlined his succession strategy in advance. Armani, who died on Sept. 4, 2025, at the age of 91, confirmed that his company’s future leadership and ownership would follow a carefully designed plan, ensuring that the business continues to reflect his values and vision. By doing so, he avoided leaving critical decisions to courts, heirs, or business partners without guidance.
For business owners at every level, the lessons are clear:
- Succession of Leadership: Identify who should manage the business if you are no longer able to do so.
- Transfer of Ownership: Decide whether your business should remain in the family, pass to a partner, or be sold.
- Alignment with Business Documents: Ensure that estate planning documents (wills, trusts, buy-sell agreements) are consistent with your company’s governing documents.
- Avoiding Conflict and Preserving Value: Clear instructions minimize disputes and maintain business stability for employees, clients, and stakeholders.
Whether in fiction or reality, the message is the same: without a plan, uncertainty prevails. Incorporating business succession into estate planning provides certainty and protection for both your family and your business.
If you own a business, now is the time to review your estate plan and confirm that it adequately addresses succession, transfer, or sale of your business interests.
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Greenspoon Marder’s International Wealth and Asset Planning Practice Group offers strategic trust solutions to help protect your assets, preserve privacy, and achieve your estate planning goals. Click here to subscribe to our International Wealth and Asset Planning Blog and stay informed on the latest insights in global estate planning and asset protection.
