Constance Wozek is the matriarch of her family. She is 75 years of age and still the CEO of "Plastics and Gadgets", a company she started in 1975. Constance's firm makes plastics (custom molding) and she has developed cutting edge manufacturing processes over her tenure at her company. She is a chemist by training and owns several patents. Recently, 3M has reached out to purchase her company and patents. Constance has not had "Plastics and Gadgets" formally valued in well over a decade and has approached her tax accountant to evaluate the offer. Constance shared in confidence the offer is over fifty million. Constance owns a majority (70%) stake in Plastics and Gadgets, having gifted 5% to her oldest daughter who works in the business and sold the remaining 25% to a private equity firm when times were tough in the early 2000s.

Constance lost her husband when they were both 45 and had three young children. Upon his passing, she turned her full attention to growing and expanding her business. This has left an emotional gap between herself and her now grown children. She struggles to connect with them, and fails to understand the life choices that two of them have made. Even so, every child and grandchild receives $10,000 at Christmas. Her grandchildren's gifts are invested into a 529 plan, owned by Constance.

Constance's has shared the following about her children:

• Patrick (40) is single but typically dates Instagram influencers. He is tech savvy, works "weird hours" (Constance's opinion), and suffers from FOMO (fear of missing out). Patrick is interested in crypto and was early to invest in Dogecoin, an investment in which he earned $1 million. Unfortunately, his risky investing strategy caught up with him and he quickly lost his $1 million gain. He is now living on a friends couch. As far as Constance knows Patrick does not have any employee benefits and has not had a job in a decade. Constance does not want Patrick owning any of her company, and does not believe he is financially sound. Her relationship with him has grown cold.
• Veronica (45) is single and is a senior vice president at "Plastics and Gadgets". Veronica is a key employee at the company and feels she can take credit for the continued success of the company over the last 10 years. Constance does not always acknowledge her efforts and this has led Veronica to build resentment, as Veronica feels she should have a greater ownership stake in the company. Because she has invested her time heavily in the company, Veronica struggles to keep a partner with her crazy schedule and she has no kids. No one has ever asked about her goals. Veronica is currently a 5% owner of Plastics and Gadgets, and would enjoy greater control, operation and ownership of the company.
• Emilia (38) is married with 3 kids. She is a stay at home mom and her husband works as a PE teacher and personal trainer. Emilia and her husband's main focus is on their children and family time. They do not have a big focus on money, and her mother struggles with understanding their choices. Constance is not a fan of Emilia's husband due to his career path, but she loves her grandkids. Constance is outspoken that Emilia and her husband should find positions in plastics and gadgets, but they are not interested. This has built some family resentment.

Constance has an outdated estate plan. It was last updated prior to the death of her husband, when her children were young and well before any grandchildren had been thought of. Her current estate plan leaves her entire estate between her three children outright, without any additional planning.

She has big decisions to make for her business - does she sell to 3M, leave it to her daughter, or find another option? show all calculations and long explanation