Five Reasons You May Need a Family Business AdvisorMay 1, 2013
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According to the Family Business Institute, 88% of current family business owners believe the same family or families will control their business in five years; however, succession statistics undermine this belief. The statistics are concerning: It is estimated that only 30% of family businesses will survive into the second generation. What’s to blame for …
How to Effectively Engage a Family Business AdvisorApril 25, 2013
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Engaging an advisor for a family business requires some unique considerations as family ownership often presents complexities and hurdles not generally found in other business types. Many of the issues specific to family businesses include succession planning, governance, and corporate actions. In addition, personal and business finances, as well as social relationships, are often intertwined. …
Is Your Family Fairly Compensated? Key Considerations of Family Business CompensationApril 17, 2013
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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
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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
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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
Key Issues from the 47th Annual Heckerling Institute Conference on Estate PlanningMarch 6, 2013
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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
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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
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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
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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 …