F OLEY Staff Reporter of The Wall Street Journal. But when he died of cancer 12 years ago, their business died with him. She struggled for a while to do all her work and his as well, but after only seven months, the restaurant went under. Going into business with a partner, spouse, sibling or child is among the most popular structures of American enterprise.
Partnerships can expand expertise, broaden the client base and offer greater access to capital.
But when one partner dies, thriving businesses can dissolve in squabbles, customers may flee and cash flow can dwindle. As with so many other matters related to death, business owners avoid planning for a partner's demise, finding it distasteful or improbable. Smart business owners, though, plan for that possibility. The Work When Ron and Nita McCrum opened their clothing store in 1986 on the square in Sidney, Ohio, business was good. Ron ran the store and Nita worked nearly full time, serving customers, trimming the windows, going on buying trips.