Posts Tagged "communication"
Do You Need a Family Business Council?
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...
Read MoreDo you only hear from your accountant in April?
Having an accountant – in our opinion! – is more than simply checking the various financial boxes. You want someone who knows you and your business, and is able to put everything together into one cohesive story. If you only hear from your accountant in April (or a month or so before), to prepare your tax return, then it’s possible you (or they) may be missing a few things. The best accountants see their connection with their clients as a relationship that goes beyond paying a fee and receiving a few pieces of paper. Here are a few things you want to make sure your accountant is doing for you – whether it’s us, or someone else: Talks to...
Read MoreSuccession Success: Taking Your Family Business to the Next Stage
One of the greatest challenges in a family business is that of succession – “who will carry the business on when I am not here”? It’s easy to presume that someone in the family will, but there’s much more involved. Here are a few fairly stark facts about business owners and succession (courtesy of Abbot Downing’s white paper on transitions): – One-third of business owners are over age 65. – Half of all business owners would like to transition out within 10 years. – Of those who do want to transition out, the group is split between those who want to sell, and those who want to pass the business on to...
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