Blog

7 Steps to Choosing a Successor for Your Family Business
There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be owner is back in shirtsleeves with nothing because the business failed or was sold. Although you can’t guarantee your company ...

Read The Full Post


Valuation Often Affects Succession Plans in Hard-to-See Ways
Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this number is a variety of often hard-to-see issues. ...

Read The Full Post


Don’t Let “Founder’s Syndrome” Impede Your Succession Plan
Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! And it’s more than understandable that you’d want to protect your legacy: the company you created. But, as time goes on, it becomes increasingly important that you give serious thought to a succession plan. When this topic comes up, ...

Read The Full Post


Many people have wills drafted to include bank accounts, stocks and other probate assets. But they overlook planning for personal possessions. Bitter disputes can erupt over items that have more sentimental value than monetary worth, including furniture, photographs, jewelry and artwork. This article provides answers to commonly asked questions about how estate assets are distributed, ...

Read The Full Post


When considering who should serve as the executor of your estate, you may automatically think of a certain relative or close friend. But think carefully. Make sure that you pick the most competent person possible. Being an executor can be a tough, time consuming job. In some families, the decision of who to pick as ...

Read The Full Post


THE OSTRICH APPROACH (Execute or Update Your Will Before It’s Too Late)
“If you fail to plan, you are planning to fail” Benjamin Franklin   In a fictional survey, four out of five people indicated they would rather have a tooth drilled without anesthesia than to read their own last will and testament.  Four out of five dentists approved the survey. The point being is that a ...

Read The Full Post


FAMILY BUSINESS GUMBO
“The advantage of growing up with siblings is that you become very good at fractions.” R. Brault THE FAMILY RECIPE Family businesses are the backbone of the United States economy - comprising 80 to 90 percent of all business enterprises, 64% of gross domestic product, 62% of employment and 78% of new job creation. By 2017, it is ...

Read The Full Post