Jeff FaulknerAll Articles
Family Business Decisions – How Emotions Can Triumph Over Reason
Whoa! I was definitely not prepared for the meeting I just had with my client. Going into the meeting, I thought I was well prepared. However, I came to realize that emotions have a way of clouding what appears to be very straightforward decisions. The meeting was to facilitate the client transferring substantial assets to his youngest son. The transfer was for estate tax planning purposes and to bring the youngest son up to parity with his older brothers based on earlier transfers the father had made to them. Prior to the meeting, we also had multiple discussions about how [...]
Setting Boundaries: How to Avoid Family Business Entanglements
A principle I'm reminded of on a daily basis is: “It is far easier to get entangled than it is to get untangled.” If you've ever tried to unravel a tangled up web of string you know what I'm talking about. Entanglement almost seems to be an effortless exercise whereas untangling can tax even the most patient of personalities. To those of you who are wrapped up in complicated circumstances rest assured there is hope, your situation can be untangled. For many of you, you're facing circumstances that you may have seen coming. If so, I suggest putting boundaries, guidelines, [...]
Interview – Why Your Dealership Needs a Succession Plan in Place
Check out Jeff Faulkner's Interview on Car Business Today where he discusses why your dealership needs a succession plan in place. Click Image to Preview Sign up for our monthly e-newsletter to stay informed on how to overcome related succession planning issues.
As Seen in Automotive News – Family feud disrupts DARCARS
Article Written by Jamie LaReau for Automotive News, Jeff Faulkner Cited as an Expert Source The cornerstone to the success of a family-owned auto retailer is the family members themselves. So when a family dispute flares, the impact on operations can be devastating. It becomes a concern for many manufacturers and could result in termination of the franchise agreement, experts say. DARCARS Automotive Group is embroiled in such a family dispute. Tamara Darvish, 51, a well-known face of the company and leader in the auto industry, filed a lawsuit against her father, John Darvish Sr., 78, and the company he [...]
How Giving Too Much to Your Kids Can Impact Your Succession Goals
There are 3 common "giving" pitfalls that create future havoc on your succession plan. Most of the time family business owners believe they are doing the right thing, but are unaware of the long-term impact of giving or creating unearned rewards such as a job, title or a paycheck. Giving-Creating a Job Many family-owned business owners are fond of giving their children a job in the family business. You can actually do this. You can give your children a job. Because you own the business, not only can you give your kids a job, you can, in fact, create a [...]
Are You Overpaying Your Children? Be Aware of the Potential Long-term Impact
So, in my first two posts, How "Over Giving" to your Kids Can Impact Future Succession Goals, and Did Your Child Earn That Title? The Impact of Giving What One Doesn't Deserve, on this subject I have discussed how a past pattern of giving can have a negative impact on the eventual gifting of business assets. The previous posts focused on two common areas where business owners "give" to their children, which can create havoc on the business, successor development and family dynamics - giving your child a job or a title without earning them. Giving a Paycheck Now, [...]
