Who Gets First Choice?

Issue

Each of the five sibs felt attached to the family’s land and wanted to keep it in the family.

As happens so often, property value was the largest part of this estate. There was not enough cash in the estate to support on going land costs: taxes, insurance, and upkeep. None of the siblings had large discretionary income.

Two of the siblings each had a plan for how he or she might finance a buy out of their other brothers and sisters. The brother with the greatest passion and most immediate financial plan wanted first opportunity to buy out the others. However, he would need at least six months to make it happen. The group was suffering under the weight of high expenses they each had to help pay. The six months would be within reason if his plan actually worked. If it plan didn’t work, they were six months more in debt. This brother was the least reliable member of the group.

There was a lot riding on whether agreeing to sell to the brother would be an act of misplaced confidence.

The sister’s plan was a longer range one and required a small loan from each of the siblings to make it happen.

There was a great deal of concern for each others’ feelings and assumptions about each other’s situations. They had a strong desire to stay close as a family. They did not want the sale of the property to come between them, and like most families, they had their rough spots.

The solution facilitated by AFBC

Advantage Family Business Center provided individual coaching that helped each sibling clarify what they really wanted. Then, AFBC facilitated a day long meeting, where they got all their ideas out on the table and prioritized them.

They created a communication system that would allow them to stay in touch to talk about this and other family issues. Agreements were made to avoid known “triggers” in the interest of being able to have clean communication so they could move forward.

Results

The brother’s deal did fall through, but he had been given a genuine unfettered opportunity to buy the land. The sister eventually bought out the others, and now welcomes them into her home.

The sibling group accomplished what they wanted. They kept the land in the family and all are welcome to visit the family home. The sister who bought out the others has forged especially strong bonds with those that helped her accomplish the purchase. The brother who could not make the purchase felt like he had a fair opportunity. Everyone gave him the benefit of the doubt and supported his wishes.

They all grew in their communication skills.