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When Scholastic Corporation CEO, Richard Robinson, unexpectedly passed away, his estate plan surprised the world. According to the Wall Street Journal, Robinson left controlling interest of his $1.2 billion publishing business to his Chief Strategy Officer and former lover, Iole Lucchese.
Robinson’s two sons and ex-wife are now at the mercy of his former romantic partner’s wishes. Robinson’s oldest son, Ben, said he lives off the land and the youngest son is a filmmaker. Neither is involved in the business.
Proverbs 17:2 teaches, “A prudent servant will rule over a disgraceful son and will share the inheritance as one of the family.”
We can’t know what Robinson thought of his sons. But succession planning needs to carefully consider the impact of the plan on customers and employees, not just family.
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