National Wholesale Co. was well-prepared long before its founder’s passing

By Paul Miller

‘Planning-to-Die’ Meeting
More than a decade ago, Smith attended to the necessary estate planning. “The reason many businesses don’t survive is because they lack this,” Swann says. “Dad actually used to have ‘planning-to-die’ meetings, and they weren’t fun. Now I’m holding the same meetings. If you don’t do this, there are obvious tax consequences, and [your successors] can be forced to sell.”