Successful business owners do a lot of things well, and they make it look easy. This is often a sign of well-running processes and years of discipline. However, it can also be a trap for successful business owners who intend to pass their businesses onto their children or business insiders. While you may love the […]
November 21, 2022
Running a successful business is complex per se. Adding the element of “family” to a business often creates more complexities, especially as the business grows. Lifelong family bonds and expectations can run headlong into business realities and needs. Today, we’ll share some ideas about how to keep the family business running and the business family […]
October 31, 2022
If you’re considering transferring your business ownership to family, you might be tempted to put your family’s wants over your own goals. While this altruism may be admirable, it can also cause more problems than it solves. Consider the case of Darnell Orie. Darnell Orie was unsure how to approach his business exit. His son, […]
October 24, 2022
In the checkered, but always interesting, history of nepotism (as it relates to business transfer) we find that parents hope a child will take over a business for several reasons: The joy of working together. (At least that’s what some owners claim.) Greater employment and financial opportunities for family members than that available elsewhere. Maintenance […]
October 10, 2022
If you’re like many business owners, your business plays a large role in supporting your family’s lifestyle. As you plan for your business’ future, you may run into questions about how to treat family members fairly in your plans. This is especially crucial if you have children who work in the business and children who […]
October 10, 2022
Many owners and advisors talk about the importance of growing business value, and there are nearly unlimited options to help business owners do just that. But wouldn’t you agree that growing business value is pointless if you don’t know how to reduce the threats to that growth? As you prepare for an eventual exit from […]
September 24, 2022
In all likelihood, you are absolutely critical to the success of your business. Without you, there is no business. We want to fix that. With a little luck and a lot of hard work, we can help you become an Inconsequential Owner. Having said that, perhaps a bit of explanation is in order. All owners […]
September 12, 2022
One of the most important elements of a successful business transition is transferable value. No matter what an owner sees for the future of the business, transferable value can be the common denominator that makes all goals more achievable. What is Transferable Value Transferable value, for a closely-held business, is most simply what a business […]
September 2, 2022
When planning for the future, you have a wealth of options related to who should continue to run your family business. Many business owners’ plans fall short because they are unaware of the many options, they have available to them and the pros and cons of each path. One common exit path is a family […]
August 22, 2022
It is safe to say 2020 was full of surprises. Some businesses thrived, while in other areas jobs were lost, companies were forced to go under, and we even lost loved ones along the way. Many businesses were affected by the pandemic in some way or another. According to a survey conducted by the PNAS […]
August 16, 2022