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Family Business 101

Family Business 101
 
Family Business 101 is our ongoing series to cover the creation, structure, planning and challenges unique to family businesses. Click below to start reading!
 

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The Greater Washington DC Family Business Alliance is the area's “go-to” resource for information regarding the issues and challenges that are important and specific to family businesses.

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What is the biggest challenge for a family owned business?
 
 
Latest Blog Posts
Preparing for Succession in Family Business

Posting by:  David M. Morris, JD, CLU
Date: March 1, 2010

On a recent visit to our grandchildren in DC, my wife and I shared moments of both pride and wistfulness as we watched our children parenting THEIR children.  In an instant, it seemed everything had changed—or had it?

From the moment our kids took their first uncertain steps years ago, they have been changing and growing.  Preparing for those changes and adjusting to them has been our job as parents, and now grandparents.

Continuity of a business often turns on the financial ability of the entity to adjust to change.  Succession of leadership and ownership is, by definition, change.  The sudden change triggered by the death of a family member can erode capital, reduce access to credit, create new liabilities and impact profits.

The proper use of life insurance for business continuity can go a long way toward preserving the entity and providing security for family members.

 
Five Attributes of the Enduring Family Business, Part 1 of 5

Posting by:  Eileen O’Connor, CFP, MBA
Date: February 22, 2010

In my more than 15 years as a management consultant, I have spent quite a few years working alongside (and competing against) McKinsey & Company, a leading strategy consulting firm, on a wide range of strategy and operational issues for Fortune 500 companies.  So it was with great interest I read a recent white paper published by the firm discussing the five attributes of enduring family businesses. 

“The keys to long-term success are professional management and keeping the family committed to and capable of carrying on as the owner.”

 
The Blizzard of Oz: Pay No Attention to the Family Business Working Hard Behind the Curtain

Posting by:  Geoff Brown
Date: February 8, 2010

For those of you who get snow but don’t live in the mid-Atlantic region, it’s hard to understand how paralyzing a two-foot snowstorm can be.  But the area governments simply don’t have the resources to cope and these storms are so infrequent, that the result is that many areas stay unplowed for days.

Our Family’s Weekend

So, we’ve sat here at home this past weekend, well prepared with lots of food and firewood to “enjoy” the snow as best we can.  The storm began on Friday, February 5, and at 2 am Saturday morning we lost our power.  We were very lucky though because it came back on at about 2 that afternoon.  We did lose one of our heat pumps, though, and have had no heat in the downstairs since.  As a result, the fireplace has gotten lots of use.

We ventured out today (February 8, 2010) and went up to the store for a few things, and on the way back I saw a heating and air conditioning truck in a neighbor’s driveway.  I stopped and asked my wife Susan if she thought they might come to our house and she said she’d go in and ask.  When she came out after talking to the technician, she called his office and scheduled an appointment to check our heat pump for later today. 

 
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