Category: Business Succession
Building a successful business takes hard work, careful planning and significant foresight. When a business has been able to maintain its success for a significant period of time, owners and/or executives must begin the task of succession planning. Family owned and operated businesses face particular challenges in this area. Building a family business is hard […]
“An irrevocable trust is a trust generally created during someone’s lifetime that is exactly what it says — it can’t be revoked.” Tom Benson and his grandchildren are in a fight over the ownership of the New Orleans Saints NFL football team and the New Orleans Pelicans NBA basketball team after his death. The family […]
You already may have resolved to create and monitor your business plan and develop a succession plan for your business. The first part of the resolution is fairly easy to achieve. After all, everyone with a business needs a business plan. But few of us really consider what would happen to our business – and our […]
If you own a family business, take a lesson from this potential crisis brewing now in Taiwan. In Taiwan it is normal for even extremely large multinational businesses to follow the traditional Chinese model: one person founds the business and continues to run the day to day operations. When the founder passes away, the business […]
Identifying a successor is the first step in the planning process. Many owners of family businesses turn to an adult child, a grandchild or other relative to take over the reins. Have you thought about what will happen to your business in the future? Although it’s not an easy decision, the initial step in the […]
“Just because you have an extremely restrictive prenup doesn’t mean you can’t leave money to your wife,” Mr. Bishop says. “The prenup protected the client’s assets from being taken against his will, but he was still free to give them at his discretion.” How do prenuptial agreements and estate plans mix? Will your spouse be […]
The last big M&A wave happened in the early 2000s, according to Ward. A very active M&A period is usually accompanied by a lot of debate, both within families, and at the policy level, about the pros and cons of having families or professional investors control businesses. Your business is likely an inherent part of […]
The emotional toll of leaving an enterprise that you own is underestimated, said Harry Armon, a serial entrepreneur and president of the estate planning firm ARCAP Partners in Jericho. Does the thought of passing on your business give you the blues? One financial planner quoted in a recent Newsday article, titled “Panel Focuses On Boomer […]
Whoever you name as your financial power of attorney makes all of your financial decisions. By specifically picking someone to make those decisions, you help eliminate controversy and stress. Business owners rarely get substantial time off from their day-to-day duties. Running a business is a 24-7 job for most, even strategizing long after business hours […]
Keep an eye on the Obama Administration budget proposals as there are several provisions which may affect estate planning. For example, there is a provision which would reduce the $5 Million federal estate tax exemption to $3.5 Million – the 2009 level. Stay tuned! http://www.treasury.gov/resource-center/tax-policy/Documents/General-Explanations-FY2015.pdf
