Description: Succession issues can pose a serious problem with family owned businesses. It seems that this is the case at Leon’s furniture where family members are now feuding over ownership of a certain class of shares. A complex series of trust arrangements appears to be a central issue as a widow of one of the Leon’s family members takes forward her claim against Terry Leon, the CEO, and his brothers.
Date: April 20, 2018
1) What interested you most about this article?
2) Does a career as a tax planner interest you?
3) At the start of Chapter 11 of Wiley’s Financial Accounting: Tools for Business Decision Making, you can read a short vignette about Leon’s furniture. What was the somewhat humorous event that got this furniture giant started?