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When it comes time to pass your family-owned business on to the next generation, there is an incredible array of questions you’ll need to answer and options to consider. It’s not as simple as handing them the keys to the door.

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as...

As I prepare to retire from 415 Group this November, I’ve been reflecting on the succession process. When working in a service business like public accounting, you develop many personal relationships. These relationships, in many instances,...

If you have children (or grandchildren) you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it's never too...

Many small businesses prepare -- and regularly update -- a strategic plan, but many overlook this important task. Whether your business falls into the "have" or a "have-not" category, a strategic plan can be an invaluable resource to help your...

All managers know that communicating with the public is essential in every business. It’s important to remember that it can also be a powerful tool in differentiating your business and shaping the public’s view about you and your...

The old adage “You can’t see the forest for the trees” means, of course, that sometimes we are too close to the situation to evaluate it properly. Business owners often find that it is helpful to get other perspectives on their...

In a family-owned business, it’s tempting to make decisions informally, based on notions of birth order or gut intuition. Many companies don’t succeed past the second or third generations. All too often, successors have come into the...

Most family business owners dream of their children taking over the company and growing it to the next level. “My career path has been chosen for me.” – Children start at about the age of 2 to push back against the wishes of their...

It might not surprise you to learn that some of the world’s largest companies are family-owned businesses. The Family 500 Index, created by the Center for Family Business at the University of St. Gallen in Switzerland, ranks the largest 500...

Whether operating as an LLC, a corporation or other entity, a family business with multiple owners has two potential areas of conflict – business and family. This includes how the shareholder agreement fits into estate planning. The term...

Running a business is difficult enough under the best circumstances. But family-owned enterprises are often complicated by an additional element – inactive family members. Active and inactive are defined by company employment: The...

People are a critical component in nearly every business. Getting and keeping qualified, dedicated employees is essential for a business to succeed, and it is one of today’s greatest challenges. While all businesses, large and small, face...

Family businesses come in all sizes. Most, however, start as small ventures with an entrepreneur in charge. The business is built around that person’s skills and passion for the business. Systems and processes often develop loosely in...

While raising children, most parents believe that equal and fair are the same. This means that children share the benefits provided by the family equally. But when it comes to succession planning, this notion can actually be destructive to the...

You can’t bake a cake without a recipe or build a house without a blueprint. Yet, every day, business owners try to run their businesses without a clearly defined strategic plan. The thought of creating a strategic plan may seem...

Whether or not to promote employees to their first management position is a tough call and somewhat of a gamble. The smartest, most productive employees may still bomb as managers. This is because managing people calls for leadership ability...

Regardless of economic conditions, there will always be late-paying clients. It’s important to collect in a timely manner so that your cash flow does not suffer. How you deal with late-payers can affect your company’s reputation....

There may be times when your company needs the expertise of an outside vendor or consultant. Finding the right one isn’t always easy. An RFP (request for proposal) can help. Never managed an RFP before? Intimidated by the prospect? Relax....

Compensation. Fairness. Can the two coexist as peaceful siblings in a family business? Given the potential for conflicts between employees, whether they’re related or not, you may be tempted to believe the answer is no. Yet, to prosper,...