Financial Considerations for Family Businesses with Aging OwnershipJune 6, 2013

An issue that family businesses inevitably face is having an owner who is heading to retirement (or planning on working until “the end.”) At this time, the “what ifs” begin to surface. What if the owner passes unexpectedly? What if there is no successor already chosen? What if no one else in the family knows …

Five Reasons You May Need a Family Business AdvisorMay 1, 2013

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

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. …

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 …