A Business Dispute Takes Flight After Tragic Crash

A Devastating Loss

In September 2024, a small plane crash claimed the life of Kyle Scott, a seasoned pilot and co-founder of Colorado Fire Aviation. The tragedy occurred when his plane struck a power line, setting off a chain of events that would lead to a bitter legal battle over the company's future.

A Flawed Succession Plan

Scott and his business partner, Chris Doyle, had established a succession plan in 2018 to ensure a smooth transition in case of an unexpected death. However, the plan did not unfold as intended.

The agreement should have triggered a buyout of Scott's shares, valued at approximately $11.1 million. Doyle, however, found the valuation surprising and claimed he could not afford to pay that amount. Instead, he attempted to sell the company, but the Scotts allege that Doyle sabotaged these efforts.

Legal Battle Ensues

The Scotts—including Kyle's widow Jennifer and brother Wade—are now suing Doyle. They claim that he breached the contract and acted unreasonably, harming the company's future.

Doyle and his company, however, maintain that they have been working to find a fair solution. They argue that the Scotts are being unreasonable and refusing to follow the agreed-upon valuation process.

Lessons in Succession Planning

This legal battle underscores the importance of clear and fair succession plans. It also highlights the potential challenges that can arise when business partners disagree on the value of a company.