Is Your Family Fairly Compensated? Key Considerations of Family Business CompensationApril 17, 2013
Determining fair compensation for family members in a family-owned business can be a bit more complicated than one might imagine. The issue of fair compensation not only involves multiple aspects of the business, but also the complexity of the family. From a business perspective, finding the appropriate level of compensation is relatively easy. There may be …
Actionable Tactics to Encourage Family Business InnovationApril 3, 2013
In simple terms, innovation describes the process of improving something that already exists. Family owned companies, like any other business, need constant innovation to compete within their markets for future growth and success. Two common hurdles that often stifle innovation in family owned businesses are resistance to change from the current controlling generation and …
Three Common Estate Planning Mistakes You Don’t Want to MakeMarch 28, 2013
No matter what your net worth, it’s wise to have a comprehensive estate plan in place, and the earlier you do this, the better. Although contemplating and discussing your death with family members and financial advisors can be difficult, it’s important to have these conversations to ensure that your family and financial goals are taken …
10 Ways to Ensure a Smooth Leadership TransitionMarch 20, 2013
The following is a guest post by Geoff Brown, CPA at Bond Beebe Accountants & Advisors in Bethesda, MD. There are a number of books written on succession planning and transitions in family businesses, and it is impossible to synthesize all of that information into a short blog. So, keep in mind …
Key Issues from the 47th Annual Heckerling Institute Conference on Estate PlanningMarch 6, 2013
During the week of January 14, 2013, I was fortunate to attend the Annual Heckerling Institute Conference on Estate Planning in Orlando, Florida. It is the nation’s leading conference for estate planners, including accountants, attorneys, trust officers, insurance advisors and wealth management professionals. The sessions offered a comprehensive coverage of the latest estate planning techniques …
Key Methods Used in Valuing a Family BusinessFebruary 19, 2013
As a family business owner, your company’s future viability depends on several factors, including the value of your business. Your business may likely be the most significant asset of your estate, in terms of value for estate tax purposes and for business succession. So it may be wise to have your business valued sooner than …
Building the Future: Tips for Preparing the Next Generation of LeadershipFebruary 11, 2013
Transitioning your family business to the next generation can be a daunting process if you are unprepared. To ensure that your business survives and prospers over the long-run, there are several critical factors and key preparations you must consider. Before you even begin the business transition process, it is important to design an exit strategy …
The Three Systems Within Every Family Business and How to Balance ThemFebruary 7, 2013
A family business is defined in terms of three systems: the company itself, the family attached to it, and the owners. Understanding how these three systems work in your family business and maintaining a “healthy balance” can play an important role in ensuring long-term sustainability of your family business. The Business System includes the …
12 Signs Your Family Business Might be “Unhealthy”January 31, 2013
Why do some family businesses prosper generation after generation and why do some flounder or fail? When multiple family members control business ownership and management over time, it’s natural that the business—and the family—will see success or struggle based on things they can and cannot control. Understanding “healthy” and “unhealthy” indicators common to all family …
It’s Time for Your Checkup: The Importance of Assessing the Health of Your Family BusinessDecember 14, 2012
As we start off the new year with personal resolutions, it makes sense to also make some professional ones. For instance are advised to visit our doctors for wellness checkups on a regular basis. The start of the New Year is the most popular time to commit to a healthy lifestyle and committing to being …