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...#VentureProtection: 5 Important Steps to Exit Planning
Need help? ExitLegal.com If you want to sell your online business, you’re going to require a strategy. There are a lot of different elements you need to be thinking about, and all of your records need to be up to date and in order. The sale process can be daunting; so...#VentureProtection: Once more, Ivanka Trump steps into spotlight for her father
Trump has long relied on his children in business. Ivanka, Don Jr. and Eric all hold executive positions at the Trump Organization, working in side-by-side-offices a floor below their father’s.That same family-driven model has extended to politics. Trump’s...Once the silent partner, now she’s taking the reins of the hot dog chain – The Orange County Register
Based purely on the article, it appears Galardi’s involvement is mere happenstance and given her background is the exactly what a good business succession plan (http://ExitLegal.com ) tries to avoid, but in her case this seems to have worked out great. Her...How Building a Succession Plan Can Increase Your Firm’s Value
Too often, advisors consider a buy/sell agreement to be a succession plan. Many advisors feel they are covered if they identify a buyer to take the reins in the case of their unexpected demise or an involuntary exit from the business. But a succession plan is not...Photo Gallery: Seven Family Business Succession Lessons From Prince
As the world mourns the tragic death of Prince, we here at WealthManagement.com are no different. We’ve decided to have some fun and pay tribute to His Purple Badness the way we know best—with a gallery about wealth planning! Here’s a look at seven (get it?)...Business Planning
Set up your business with tax planning, estate planning, asset protection, and family protection in mind. In this economy, you need every competitive advantage, and your competitors are not standing still when it comes to tax planning. Estate planning and business...An Exit Strategy for your Business
Your business is most likely a major asset and source of income to you and your family. However, it is probably not properly protected from life events of the co-owners, due to lack of an exit strategy. Most business owners would be shocked to discover what happens to...
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