Category: Family Business
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 […]
Family businesses account for much of this country’s domestic product and are core to the American Dream. Whether it is a century-old international automobile manufacturer or a group of local dry-cleaners, family involvement in the business is a common goal. Like anything worth keeping, it takes work to preserve. A business is not merely a […]
To ensure your exit goals are met and your family relationships remain intact, it’s important to clarify the family succession process right from the start. When you are a family business owner looking to pass the torch, the business is typically your greatest asset and likely the center of the family’s wellbeing. You cannot afford […]
An estimated 70% of businesses don’t have a family member capable or willing to assume responsibility. What are you doing to plan for the sale? A certain reality will eventually set in when it comes to the future of your business. And that reality is that some day you are not going to be there […]
What will be the most likely exit scenario from your business when the time comes? If you own a small business, what will your last day at work be like? What is your exit strategy? The answer hinges on whether your exit will be by design or by default. To exit your business by design […]
Sudden wealth can be a life-changing experience that can improve your life and the lives of those around you, but only if you keep it. Those with more assets are bigger targets for lawsuits. Don’t let your sudden wealth suddenly get stripped from you. Protect your assets before you get the windfall and you will […]
There are three main strategies business owners can (and should) use in order to maximize the amount of money they put in their pockets when they sell their companies. Your business is your livelihood. It may also be your family’s source of revenue. So if you are planning to sell the business, you will want […]
