Case Study: ColeTek, Inc. Succession Planning

ColeTek offers us a unique look into the evolving relationship between two generation and the difficulties that come with succession, control, ownership and successfully passing the torch. The volatile relationship between ColeTek's aging founder, Alan Cole, and his two sons, Paul and Brian is at the essence of this case. Alan Cole is now faced with a life changing decision, sell the company to an interested buyer; hire new management to run the company, or …showed first 75 words of 638 total…

…showed last 75 words of 638 total…family disputes an effective governance structure has to be in place, like a board of directors. Alan should utilize some insurance methods to help shelter his business from the tax effect of transferring his shares of ownership. If Alan Cole truly wants to pass on his legacy to his siblings it is necessary that both parties come to an agreement on issues dealing with succession, ownership and new ways to balance family and work relationships.