- DO SOMETHING: PROTECT YOUR BUSINESS: The most important lesson that can be learned from Buss is to protect the family business. Most family businesses do not have an estimated one billion dollars ($1 Billion) or worth, but it is important to make plans for how the family business will continue after the death or incapacity of the founder.
In February of this year, long time owner of the Los Angeles Lakers, Jerry Buss died at the age of 80 from kidney failure after a battle with cancer. Buss helmed of one of America's most high profile and successful sports franchises, winning 10 NBA championships. As the impacts of his planning are now beginning to come to an head, there are many lessons that can be learned from all of this, relating to business succession planning, and estate planning in general. As we go over a few things, realize we are not talking only to business owners of entities as successful (or as complicated) as the Lakers, but to all who have any sort of ongoing business interest they would like to see protected for subsequent generations.
. . . Covering all topics relating to Estate Planning, Trusts, Asset Protection, and Estate Administration.