Recent Blog Posts
- Tips for Establishing and Managing Trust Funds for Young Family Members: Your family business is doing well – so well in fact that you have made a significant amount of mone...
- Heir Necessities: Tips for the Next Generation to Successfully Lead the Family Business : One of the biggest challenges faced by the senior generations of long-time family owned businesses i...
- Best Practices for Encouraging Entrepreneurship within Family Businesses: The giant leap from first generation to second generation in a family business isn’t bridged merely ...
- Spring 2013 Issue: FEATURE ARTICLE: The Red Coats Family of Companies - Striking a Harmonious Balance Learn how the ow...
- The Top Two Secrets of Successful Family Businesses: As I’ve worked with family businesses over the years, there are two traits that I’ve seen over and o...
Your family business is doing well – so well in fact that you have made a significant amount of money and are concerned about how to preserve it for the next generation. Establishing a trust fund for the minors in your family may be a viable and worthwhile option. Continue reading
One of the biggest challenges faced by the senior generations of long-time family owned businesses is deciding how they will transition their business to the next generation, and how to do it successfully. Continue reading
The giant leap from first generation to second generation in a family business isn’t bridged merely by luck or time – it takes work, planning, and an understanding of entrepreneurship. Keeping the entrepreneurial spirit alive first relies on understanding the characteristics of entrepreneurship, e.g., creativity, adaptability and self-determination. Continue reading
As I’ve worked with family businesses over the years, there are two traits that I’ve seen over and over again that make for a successful family business – great communication and total transparency. These two traits are essential for any successful business (or relationship, for that matter), but probably even more critical in the family business setting. Great communication and total transparency can help a family business prevent and quickly resolve conflicts. Let’s examine each trait briefly. Continue reading
One of the biggest challenges that family businesses face with regard to innovating is striking that healthy balance between the family’s business traditions and heritage, with the need to remain nimble and open to change in order to improve the business profitability and sustainability. Change can be uncomfortable, but it’s often necessary to meet the changing demands of the marketplace. Continue reading
A well-crafted buy-sell agreement is essential for limiting liability and resolving a number of tax and business issues in closely-held or family enterprises, especially those with multiple owners and partners. Let’s take a closer look at some key considerations surrounding the structuring of a successful buy-sell agreement. Continue reading
Every business experiences challenges now and then, but family owned and operated businesses can be particularly challenging to navigate successfully and smoothly. Here are five common missteps that can harm a family business, along with some advice on how to manage certain situations and keep your business and family relationships healthy. Continue reading
The best transition is one that nobody notices. It’s even better if the departing owner can say goodbye and feel comfortable that he/she did everything possible to ensure the future success and viability of the enterprise. Contemplate what it takes to get to that level of comfort and then figure out how to do it. Continue reading
What is a family constitution? Simply put, it is a document that outlines how a family will govern itself. If yours is a family of wealth or if the family business is integral to your family, you should consider the idea of a family constitution. Continue reading