For the love of your business
For the love of your business
Choosing a successor to take over your business doesn’t mean selecting someone who’s exactly like you or even someone you like. It’s about choosing someone who’s not only well-qualified for the role, but someone who also has the vision and skills to lead your company into the future. With so much riding on your decision, […]
Read MoreIt seems like every other week there’s another story of a multimillion-dollar family business that falls apart shortly after the current owner steps down or passes away. This sheds light on an ugly truth. Most family businesses are woefully unprepared for the existing owner to depart, especially if it’s unexpected, as is the case with […]
Read MoreWhen running a business, it’s easy to give estate planning less priority than other matters. After all, if you’re facing challenges meeting next month’s payroll or your growth path over the immediate term, concerns over your potential incapacity or death can seem far less pressing. But the reality is considering what would happen to your […]
Read MoreWhile Facebook has recently developed user-friendly options for managing your personal profile in the event of your death, the company has yet to develop any streamlined way to handle your business accounts once you’re gone. Indeed, a Google search of “what happens to my Facebook account when I die” turns up tons of hits related […]
Read MoreLike most entrepreneurs, you probably think about the many ways you can help your company take off and grow. But you should dedicate an equal amount of brain power to planning when and how you’ll sell what you’ve built. In fact, deciding when to sell your business can be just as important as deciding when […]
Read MoreNike, Anheuser-Busch, Walmart, Porsche—what do these companies have in common? Outside of being globally recognized brands and generating billions in revenue, they’re also family-owned businesses. Though family businesses definitely aren’t for everyone and come with some unique challenges, for those who are able to make them work, they offer an array of benefits that simply […]
Read MoreAs a small business owner, you’ve likely spent plenty of time working with your business plan. But have you dedicated the same amount of time to planning for the continued success of your company after you retire? Or if you were to suddenly die or become incapacitated? If you’re like most business owners, the answer […]
Read MoreIn 1988, Stroh’s Beer was one of America’s most impressive family fortunes, estimated by Forbes to be worth $9 billion in today’s dollars. Just two decades later, however, the massive beer empire, along with all of the family’s wealth, would disappear. Poor business decisions and bad investments were the primary cause of the company’s downfall. […]
Read MoreIf you’ve dreamed of leaving your company to your family but haven’t sufficiently included your business in your estate plan, that dream could become a nightmare for your heirs—and for your business’ team members and clients, too. To ensure your company is passed to your family in exactly the way you desire, you want to […]
Read MoreEntrepreneurship is not for everyone. Only a certain type of person has the particular set of skills, and is willing to take calculated risks and work tirelessly to build a successful business from scratch. One risk you should never take is leaving the future of your business to chance. As you grow your company, consider […]
Read MoreMany small businesses are family owned. While family owned businesses enjoy the benefit of familial solidarity, their strength is often threatened when it’s time for leadership to be passed down. Succession plans help ensure the transition from owner to owner is an easy one, but many small and family-owned businesses do not have such a […]
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