Business & Tech
Fox Business: Wölffer Succession Offers Business Owners a Valuable Lesson
Diligent financial planning ensured Wölffer Estate Vineyard would carry on after founder's death.
The accidental death of Christian Wölffer on Dec. 31, 2008, at the height of the recession, could have meant the downfall of his Sagaponack vineyard and stables, but Wölffer smartly took on an asset manager just two years earlier to ensure the business would be self sustaining, according to a Fox Business report.
The story of Wölffer Estate Vineyard and Wölffer Stables pulling through during exceptionally trying times is the subject of Fox Business' recent advice article for small business owners, "Could Your Business Survive Without You?"
Fox Business spoke with John Nida, the asset manager whom Wölffer asked to stay on as general manager after he conducted a two-month review in 2006 of Wölffer's global investments. The article emphasizes the need for a business to have a succession plan — something a recent LegalZoom survey says 75 percent of small businesses lack.
