The accumulation of financial resources enables a business owner to become free of credit guarantees, initiate an exit strategy, and empower succession by transferring leadership and control of the business to partners, family members or key manager successors
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One of the most powerful truths I have learned in working with family owned businesses, is that the world of entrepreneurialism moves at a very rapid pace. I have not worked as an employee of a company for 20 years, but my recollection is that being an employee was a more forgiving place, at times [...]
In my travels around the country working with family owned companies, I am always amazed at the significant and very public role these entrepreneurs play in their communities. Because of this we often recommend the use of revocable living trusts as a part of their succession planning environment. I’m also frequently amazed at the pushback [...]
Having heard, on multiple occasions, from local attorneys that probate is not a big deal, and knowing from experience that, indeed, probate is a big, fat, hairy, expensive, time intensive, insensitive, and emotionally challenging deal, I have asked these attorneys to share with me, from their perspective, just one compelling reason to not use a [...]
Recently I was invited to speak to a group of successful business owners about the various aspects of succession planning (what I refer to as the Succession Matrix). The Succession Matrix consists of ten interdependent factors that business owners must successfully address to improve the odds that their business will successfully make the transition to [...]
The challenges and opportunities of careers have moved many of us away from home. Many of us continue to enjoy going back for a dose of that unconditional parental love and to hang with old friends. However over time, we become aliens in our home towns unable to relate to an environment that does not [...]
Although many of us feel we are in control of every aspect in our lives, the first week of November rudely reminded us how fragile life truly is. The unexpected massacre in Fort Hood, Texas changed the lives of countless families and friends, especially those who lost loved ones. Imagine for a moment you went [...]
Thirteen years ago, a new client who lost his wife prematurely came to me with a large box full of papers that included several pieces of financial information including a dozen or so old life insurance policies. He had no idea if the life insurance policies were in force or not. Needless to say, investigating [...]
You may have heard the saying “the only thing that remains the same is change,” and that is especially true when it comes to planning for the future of your business. My partners and I are constantly reminding clients that change will be a constant in their succession planning environment especially as it relates to [...]
Estate planning is an integral part of business succession planning. I am commonly asked what are the most common problems encountered in estate planning trusts. There are so many problems with trust administration it is difficult to find a place to start or where to stop. For lack of a better plan, let’s consider what [...]
