What to Do When a Director Resigns
Corporations are required to have a board of directors, which is selected by the shareholders. The board of directors helps govern the corporation, provides advice and counsel, conducts high-level management, elects officers, votes on key decisions, and protects...How to Dissolve a Partnership on Good Terms
Many business partnerships eventually come to an end. Like other types of relationships, when business partners decide to split up, the process can be amicable or contentious. For personal and professional reasons, dissolving the partnership on good terms is in the...How to Remove a Member of an LLC
As a business grows, its ownership structure may change and an owner may need to be removed. Removing an owner of a limited liability company (also known as a member) may become necessary if a member retires, dies, changes career, commits a breach of conduct, or has a...What Happens to Your Business When You Die
You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place,...Common Pitfalls in Family-Owned Businesses
Your family and your business are two of your top priorities. You would not do anything to compromise either of them. But working with family members in a family-owned business presents unique challenges that can cause lasting damage to both if not properly managed....How to Handle Conflicts in Family-Owned Businesses
Conflicts are inevitable within businesses and families. Personal rivalries, differences of opinion, competition for resources, and questions of prestige can set individuals at odds and lead to warring factions with competing loyalties. Resolving conflicts in both...Business Trusts 101: What Entrepreneurs Should Know about Using a Business Trust
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business...When Should I Think about Selling my Business?
Part of the reward of being a small business owner is seeing your hard work pay off over the years. The many sacrifices you made for your business can all seem worth it on the day you close a deal to sell your company. But if you are dreaming of that day, it will take...What Happens When an LLC Member Dies?
In theory, a limited liability company (LLC) can last in perpetuity. However, the owners of an LLC should plan for the day when they are no longer there to run their business. This includes not only situations like retirement or career change, but also a decidedly...Can I Provide Services Instead of Capital to a New LLC?
Small business owners put their blood, sweat, and tears into ensuring the success of their company, which, though difficult to measure, are no less valuable than capital contributions. At the same time, if you are investing your time and energy into a limited...How to Talk to Your Family About Business Succession
Benjamin Franklin famously quipped, “If you fail to plan, you are planning to fail.” From the very beginning, you had a plan for your business to succeed. You set goals and developed methods to achieve those goals. Your business has stood the test of time because you...Key Person Insurance: What Is It and Do I Need It?
We protect what we value most with insurance. Car insurance and home insurance ensure that we can financially survive a major property loss. Life insurance pays money to beneficiaries after a death, acting as a financial lifeline to the deceased’s loved ones. Business...Considerations Before Owning a Business with Your Spouse
Both running a successful business and having a successful marriage require commitment and hard work. Operating a business as a married couple can present its share of challenges, but being devoted to one another as spouses and as business partners can bring higher...Why You Should Consider Putting Your LLC into a Trust
The limited liability company (LLC) is a popular business structure that offers liability protection and avoidance of double taxation. Trusts are popular asset transfer vehicles that allow you to avoid probate and keep assets out of the hands of creditors. By placing...What You Need to Know about Buy-Sell Agreements
If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and...Hobby Lobby Celebrates ‘Christ the Lord’ in Full-Page Christmas Ads
The reason for the season. "Today in the town of David a savior has been born to you; He is Christ the Lord." – Luke 2:11https://t.co/ePL8UKhjFY pic.twitter.com/P6L4hBPHeg— Official Hobby Lobby (@HobbyLobby) December 25, 2019 Do you have a...4 Reasons to Consider Changing Your Business Structure
As your small business expands and evolves, it may make sense to consider changing its structure. Many small businesses start out as sole proprietorships or partnerships, with only one or two owners and no employees. Over time, as your business grows and...6 Key Considerations for Passing Down a Family Business
You have spent years building your small business, but have you taken time to consider what will happen to it when you retire, become disabled, or pass away? Although it is often hard to fathom an event that may not occur for many years, it is important to put...Funding a Buy-Sell Agreement with Life Insurance
As a partner or co-owner (private shareholder) of a business, you’ve spent years building a valuable financial interest in your company. You may have considered setting up a buy-sell agreement to ensure your surviving family a smooth sale of your business...Succession Planning for Wineries and Vineyards
With enough lead time, it can be possible to eliminate estate tax, or at least to minimize and defer the payment of such tax. With the estate tax rate a significant 40 percent, this can make all the difference in allowing a business to remain family-owned, for...Sackler Family Behind Oxycontin Faces Lawsuits Over Opioid Abuse
In at least one sense business succession planning is like planning for guns: you need to make sure beneficiaries are responsible enough to handle the asset. Plus a little asset protection might be a good idea. Putting aside the ultimate outcome of the...Family Business Succession Planning: Communicate Now, or Never Rest in Peace
It may seem oversimplified, but communication really is paramount to successful succession planning, and it needs to begin when the founders are still in control. This paves the way for properly communicating the founders’s wishes and plans, and will also give...Selling a Closely Held Business – Part 1: Exit Planning
More on this topic at our weekly seminar here. In closely held businesses, owners and managers are focused on operations and usually don’t have extensive experience buying and selling companies. However, advanced exit planning allows owners and management to...Rumors of Trust Demise Greatly Exaggerated
Some of the reasons listed here: Despite the proposed high estate, GST and gift tax exemptions and whether there’s repeal, trusts will remain extremely popular for many non-tax reasons, including: family governance/succession/education; ability to override the...Key Considerations for Preparing a Family Legacy Plan
Over the next 20 years, $30 trillion dollars could be transferred from the current generation to the next, making now a critical time for advisors to discuss multigenerational planning with high net worth clients. Along with planning for the financial...Who’ll Reap The Millions From Chuck Berry’s Final Album?
In Missouri, wife Themetta can claim at least half of the cash and a half stake in the intellectual property. Odds are she’ll get a lot more if there was a will, since she was married to him a full 68 years and he was with her until the end.By the way, the...Six Ways To Improve Family Business Governance
Here are some ways that an advisor could help a family business instill better governance practices: Provide guidance. Each new corporation or LLC document should be accompanied by guidance on governance activities that are required and recommended. In the...The Game Plan to Successful Wealth Transfers
One common misconception is that sheltering the younger generation from knowing about the magnitude of the family wealth is in their best interest. Contrary to such opinion, the survey found that it’s important to teach children and grandchildren the family’s...Should You Choose an Internal or External Successor?
Succession planning involves more than valuations and buy-sell agreements. Given all the blood, sweat, and tears you’ve put into your business, you don’t want to risk passing it to the wrong person—someone who doesn’t care for your clients the same way you do...Successfully Climbing the Growth Ladder in Family Enterprises
In a fireside chat with Professor Michael Preston, Paul J. Fribourg, the keynote speaker, focused on the importance of having clearly defined roles for family members and making decisions as a unit. Fribourg is the Chaiman and CEO of Continental Grain Company,...Family Business & Academia Need Each Other
Seems like just about every college has gone full marxist these days, and as a conservative I bristle at the idea that families really need those loons. This article makes a pretty good case that we all benefit from an academia attentive to Family Business....Ten Steps to Effective Strategic Planning
Ten ways to plan strategically in the medium term so the business stays in the family for the long-term.PWC recently rolled out the 8th edition of their biannual Family Business Survey. One of the major themes of the study was a shocking inattention among...The Other Reasons For Estate Planning
Good discussion of incentive trust planning: Many subjects that serve as substantial planning motivators aren’t found on client questionnaires and are frequently absent from planning discussions. Source: The Other Reasons For Estate Planning (Well actually, we...Independence Is Not Just for Young Advisors
So how does someone determine if he is “too old” to make independence work? It really comes down to a few key characteristics shared by those advisors who took the leap: They really wanted it. They believed in their ability to migrate clients and grow. They had...Life Insurance: It Was Never Just About Taxes
This article raises important points — plan for the long-term and don’t let taxes direct the planning over more important goals — plus it’s a good review of the many benefits of life insurance. But as I’ve previously noted, the...Help Your Clients Manage Political Risk
But, what about political risk? Given today’s volatile political environment, it seems especially prudent to raise this topic. A quick glance at the headlines is all one needs to appreciate that these are treacherous times that require organizations to take...SEC to Mandate Succession Plans for RIAs
Another regulation that brokers adhere to, but will likely come now to RIAs, is the mandate that the firm has a documented business succession plan in the event the advisor dies suddenly or otherwise becomes incapacitated. The risk is that many RIAs are smaller...Trump’s Legacy of Winning
[bctt tweet=”.@realdonaldtrump: You’ll say Mr. Pres we win #2A much, can’t take it & I’ll say #MAGA” username=”guntrust”] Trump’s legacy of winning is motivational for any individual, family, business or country....Six Things Family-Owned Firms Should Know About Succession Planning
Among the chief goals of succession planning is providing continuity of management and minimizing the tax costs of transferring property interests to new generations.Source: Six Things Family-Owned Firms Should Know About Succession Planning“Deconstructing Conflict” – Family Business
(Get your parents into our free 2-hour estate plan design meeting.)NRA-ILA | Corporate Lawyers Can’t Tell the Truth about Gun Laws
Sad to see the NRA succumb to bigotry, or playing to bigotry, in the title of this article. “Big Law” would have been more accurate than “Corporate Lawyers” — there is no need to lump all corporate counsel in with this insanity, any more...‘Merry Christmas’ or ‘Happy Holiday’? Your response says a lot about your politics, study says
Merry Christmas: Two-thirds of Democrats (66 percent) said stores or business should greet customers with “Happy Holidays” or “Seasons Greetings” instead of “Merry Christmas” out of respect for people of different faiths. Two-thirds of Republicans (67 percent) said...#FamilyProtection: Americans Think Christmas Should Be About Jesus – Rasmussen Reports™
Most Americans still say Jesus is the “reason for the season,” and want to keep the focus on Christmas when it comes to store signs. Source: Americans Think Christmas Should Be About Jesus – Rasmussen Reports™#AssetProtection: How “Gamification”’ Can Improve Family Education and Engagement
Family businesses spend an extraordinary amount of time and capital (financial, human and intellectual) on skill building and education within the family system. Rising members of the family system must master many different skills. Some of these skills can be...#AssetProtection: When Family Conflict Threatens the Business
When conflict arises between family and business goals, the natural inclination to minimize it can lead to a pattern of dysfunctional communication and greater conflict. The common practice of triangulation rarely leads to resolution of underlying issues and can be...#AssetProtection: The Nine Types of Private Equity
You’re likely familiar with the basics of private equity investing: PE funds invest in private companies and other assets with the aim of later selling their stakes at a profit, typically after five to seven years. The term “private equity” encompasses a wide variety...#AssetProtection: Building Value Is The Win-Win Of Exit Planning
If you constitute a significant part of your company’s value (a/k/a a Consequential Owner), and you have left the scene, there will likely be few buyers interested in your company, and those who are will likely pay significantly less than they would had you been an...#AssetProtection: Eight Steps to Align Your Estate and Business Succession Plans
Take these steps to coordinate your planning efforts. Source: Eight Steps to Align Your Estate and Succession Plans | Wealth Management If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when people die embarrassed. And at Protect.FM, we...#AssetProtection: How a Family Constitution Preserves Family Business
Good article in this month’s Trusts & Estates on how a family constitution helps to ensure successful family succession of family business: August 2016 | WealthManagement.com If attacked, do you want to be Victor or Victim? At SacredHonor.US, we hate it when...
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