The Importance of Prenups in Safeguarding Business Ownership
“Prenup” is often a fighting word when it comes to engaged couples (though the younger generation is starting to think differently). But when a family business is at stake, having a prenup is arguably not just the wise thing to do, but the responsibility of an owner or successor to the business’ stakeholders. In this episode of the Disruptive Successor podcast, Wingspan’s Maryann G. Bell discusses why having a family business prenup policy is the best way to guarantee the firm’s future without having to have awkward or even relationship-destroying conversations.
“Modern times demand modern measures,” says Maryann in the interview. “Evolving attitudes toward prenups reflect increased financial literacy and a shift in marital perceptions.” And as Maryann makes clear, having the policy in place through a family constitution or contract is the best way to ensure a drama-free approach to the prenup issue: “Policies before it’s personal. Establishing clear guidelines for ownership and governance of family businesses should be a priority.”
Listen to the podcast episode for Maryann’s insights on prenups and planning for the future.