Family Business

Do You Need a Family Business Council?

Posted by on Jun 10, 2014 in Family Business, Transition Planning | 0 comments

Every family owned and operated business has a unique layer of challenges that are different from a “non-family based business”. Whether your business is a large-scale corporation, a region-wide chain, or has more of a “mom and pop” feel, having a Family Business Council can help your business and family. We know that family can be tough sometimes.  And running a business is hard, too.  When you combine the two, at times it can be deadly.  A Family Business Council means that you’re not running your business like a family – you’re running it like a business. You probably already have a board of directors, and they probably communicate pretty well with...

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The First Three Steps in Your Family Transition Planning

Posted by on Jan 29, 2014 in Family Business, Freedom, Retirement, Transition Planning | 0 comments

Helping your family business transition to the next phase (or, to use a familiar phrase, preparing for your succession) is a long process.  Transition planning can be a process that is too intensive to contemplate, and so the easiest solution is simply to keep doing what you have been doing, and hope it all works out well in the end. We’ve all heard the definition of doing the same thing over and over and hoping for different results; and of course it applies to transition planning, as well. One of the challenges for small family businesses is that the wording used for “transition” or “succession” can be fairly complex and lofty-sounding.  Things like...

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What Happens If You Don’t Get Good Advice On Estate Planning?

Posted by on Jan 3, 2014 in Family Business, Tax, Tax Planning, Transition Planning | 0 comments

We all want to do the best for our family, and those we care about, after we die.  If you’ve invested a lifetime of hard work in setting up and successfully running a family business then you are likely to feel some concern about what will happen to the business too. You may want the business to be handed over to the next generation or, if it must be wound down, that it is done so in such a way that it delivers maximum benefit and minimum stress to both family members and employees.  Proper business transition planning will ensure that things happen as you wish them to after your death as well as after your retirement. It’s very critical to get good advice...

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Is saving tax the best way to create a family business transition plan?

Posted by on Dec 31, 2013 in Family Business, Transition Planning | 0 comments

Developing a family business transition plan is a complex process, and although saving tax is an important consideration, it is not the only one. When you have spent much of your life establishing and successfully running a family business, of course it’s natural that you want to pass it on to the next generation, and to do so as tax efficiently as possible.  You haven’t done all that work just to hand a big chunk of the wealth you created over in taxes! At Henry H. Jones, CPA, we’re passionate about helping family businesses get things right at the planning stages, including tax, of course.  But overemphasizing the role of tax planning in your family...

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Take Your Family Business to the Next Level – Personal

Posted by on Dec 19, 2013 in Family Business, Freedom, Personal Freedom | Comments Off on Take Your Family Business to the Next Level – Personal

Take Your Family Business to the Next Level – Personal

Yesterday we talked about building financial freedom by taking your family business to the next level in 2014. Today we will focus on building personal freedom. So what is personal freedom? It means something different to everybody. For some it’s peace, for some it’s love. Perhaps it’s the freedom to do what you want to do, when you want to do it. Maybe it’s creating time for family and friends, for yourself, to read a book, take a walk, work on your business or commune with nature. In setting your goals for personal freedom in the future, your first step is deciding what personal freedom means to you. After the holiday season many of us focus...

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Take Your Family Business to the Next Level – Financial

Posted by on Dec 18, 2013 in Family Business, Financial Freedom, Freedom | Comments Off on Take Your Family Business to the Next Level – Financial

Take Your Family Business to the Next Level – Financial

As a new year approaches my thoughts often turn to how I can take my family business to the next level. Financial issues come to mind as we work on our business and family budgets for the new year. I’m sure that many of you do the same. I don’t know if it’s the turning of the calendar or the fact that, here in the northern hemisphere, the days will soon be getting longer that inspires us to reconsider our goals for the future and look back on where we’ve been. So what do we need to look at in determining where we’ve been and, more importantly, where we are right now? Your family business is likely your largest asset and your primary source...

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