Remember estate planning
Preparing an estate, particularly one
that includes a large business entity like
Maaco, involves some large-scale planning. But if the past 10 months has
taught Martino anything, it’s that the
problems are in the details.
“In a fundamental way, my father was
very astute, and with regard to his
estate, he had worked with very top-notch people and had everything really
drawn up, all the I’s dotted and T’s
crossed,” Martino says. “I can see how
important that is, because as specific as
it was, it really doesn’t take into account
all the intangible things that occur when
someone of such magnitude passes
away, all the small issues.
“You have to sit down and take time to
think about all the ramifications.
Everyone involved did a very good job,
but there are so many loose ends that
you have to figure out.”
If your business is part of your personal estate, Martino says it’s never too
early to put your wishes down in legal
writing and discuss the future of your
business with your family.
“Even though my father was 75, my
grandfather and grandmother passed
away just in the past couple of years, and
they had both just turned 95. So it was a
shock in that he expected to live another
10, 15 or 20 years,” he says. “You have to
be prepared. Even if it’s properly presented and written up, it’s important to,
at some point in your life, express your
desires to your family members.”
However, don’t become entirely
focused on your physical estate as the
sum total of your legacy. You might leave
money and assets for your family and your business, but your real legacy in
business will be how you conducted
yourself. That is what Martino would
like people in the business world to
remember about his father.
“In today’s business world, you have to
sign contracts,” Martino says. “But
behind that are the relationships that
bind our franchisees to our franchisors.
We don’t have supplier agreements, and
we don’t have a lot of contracts because
my father’s word was his bond. That
impressed me about how important that
is in business. Having been with him for
so long, I’ve seen how valuable that is
over the long haul, when people believe
you and have faith in you and are willing
to give you the time to develop your concepts and ideas.
“All throughout his life, he delivered
hard work in business. You have to put
in the time, you have to care. It’s really
more of what you do than what you
think or say. That was one of his most
memorable attributes.”
HOW TO REACH: Maaco Enterprises Inc., (610) 265-6606 or
www.maaco.com
