It’s a tricky road to navigate when you family decides they do not want to be in the business. However, you have options to ensure the legacy of what you have built continues and to financially protect your family in the process. It starts with identifying what kind of involvement you wish to continue to have as the business carries on, and the type of exit you desire. Simply, what kind of business control do you want to maintain when you decide it is time to move on to something else?
Watch the short video for Will Stewart with PCE, Drew Larson with Brown Winick, LLP and our very own Jeff Faulkner’s insight into the burning question.
As you listen to this episode you will walk away with key take a-ways and will realize you will want more. Click to visit the “Burning Question” topic page to easily access the additional episodes in the series.
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Tune into more burning questions by subscribing to our blog on the right side of the page. You will receive updates when new episodes are live that will address:
- Adjusting to the new normal for industries that rely on customer interactions
- Messaging for business owners / leaders to share with their people in times of crisis
- Navigating the path when some family want to work in the business & others pursue other careers
- Addressing uncomfortable subjects that are more difficult during crisis as opposed to normal times
- Strategies for helping a son and daughter to learn how to work together
- Navigating business transitions when the next gen is not interested in the family business
- Proactive strategies to position the business for the “unknown”
- Communication tactics ease employee’s anxiety and worry
- Managing emotions of others and self in times of stress
- Strategies to increase sales to cover costs and create more points of revenue
Personal Financial Planning
Personal Financial Planning
Estate planning is a complex endeavor, especially for owners of capital-intensive complex business’. Throw active and inactive family into the mix and trying to figure out what is fair, how to provide opportunities for the next generation without enabling them, and maintain family harmony.
Click the following link for more drill-down resources on Personal Financial Planning.
In complex family and business environments, it is imperative to lean on expert legal and tax advice who specialize in the same size business and estate as you. We are not attorneys or CPAs but know experienced advisers if you are looking for sophisticated advisory services.
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We can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.