Engaged Ownership

Prologue

Owen Family—January 3, 2010

Earlyin the morning, Charlie Owen went for a run. There was a board meeting coming up, and he suspected his two outside directors might ask him about succession planning. He had just signed estate planning documents two weeks ago, at the insistence of his wife, Ali, his daughter, Amanda, and his accountant. The estate plan wasn't exactly what he wanted, but it at least got everyone off his back. Ali had urged him to consider putting his 75 percent of the Owen Products' shares in trust, just as his uncle Fred had done, particularly since three of their four children had married and there would be less risk of the shares passing out of the family in the event of a divorce if the shares were held in trust. Charlie usually followed his wife's advice, particularly when it came to legal matters, but he couldn't imagine how he could have dealt with a trustee on top of everything else had his own father put the shares in trust, so he opted for the shares to pass to his children at his death instead. As for the taxes that would be due when he died and the shares passed, they would be paid for by insurance—thank goodness he didn't smoke and had the heart of an ox from all the marathon training. Ali would receive their house and Charlie's savings and investment accounts. Son Mike could run the company, drawing on his siblings for advice and support. ...