Family & Business

By Michael Hartley CFP® | From transitiondynamicsinc.com: Curated family business and closely held enterprise related articles and blogs.

Business Debt - Yes or No?

Makign sense of using leverage<p>Oh boy. Debt. That nasty four-letter word nobody likes. I'll go out on a limb and say there are a couple of very good reasons to go into debt as an entrepreneur and, if you are ever going to grow and scale your company, then debt is often the easiest way to do it.<p>First …

Personal Finance

When Mom and Pop Can’t Sell the Farm (or in This Case, the Theme Park)

UNION, Ill. — It’s not easy selling a Wild West Town theme park located 60 miles northwest of Chicago, as Larry and Helene Donley have discovered.<p>The octogenarian couple have run the place for 43 years and are finally ready to retire. But their sons, Randy and Mike, who are in their early 60s and …

5 Reasons Why Your Business Needs a Clear Succession Plan

It is just as important to plan for the next 20 years, as it is to prepare for the next 20 years of your business.<p>I recently suffered the sudden loss of my father, who fell ill following a brief battle with pneumonia. After the grief and recovery from the initial shock of the loss, I had to begin …

Succession Planning

If You Don't Do These 3 Things, Hiring Family And Friends Will Kill Your Business

Can you handle them as their boss?<p>Common sense will tell you that you shouldn't hire friends and family. Why?<p>It's harder to manage them, since they know the boss (you!) They might slack off. Or take feedback a bit too personally. And influence your other employees all at the same time.<p>True or false?<p>…

The Great British Family Business 2018

The theme for The Great British Family Business Conference 2018 is <b>Past, Present and Future, the creation of family businesses to stand the test of</b> …

40-Year-Old Stanford Study Reveals the 1 Quality Your Children Need to Succeed in Life

Understanding delayed gratification is essential in shaping your childrens future.<p>The world is becoming fiercely competitive. As each year passes, new industries emerge, only to quickly become saturated with competition to launch successful businesses or obtain top jobs.<p>How can you, as a parent, …

Self-improvement

5 Creative Steps That Make People Want to Show Up for Meetings

Commit to designing curiosity, movement and democracy into your meetings- your team will thank you!<p>These days many people are spending upwards of 70% of their working day in back to back meetings. Until we figure out new ways of turning that around, here are some ideas to facilitate dynamic …

Creativity

How to keep a family business running after 200 years

<b>The rumours that swirled around the American east coast city of Baltimore in 1895 were grossly inaccurate. The word on the street was that the Loane family business had shut.</b><p>So Javez Loane, who at the time ran the business that made sails, window awnings, tents, flags and wagon covers, distributed …

Genealogy

5 Problems Small Businesses Must Fix Immediately to Overcome Growth Plateaus

There are many reasons why business struggle to grow. However, many of them are internal and can be addressed with the right focus, strategy, and discipline.<p>Growing a business is hard. Fewer than five percent of all businesses in the US grow to be more than $1 million in annual revenues. And fewer …

Small Business

Chinese family businesses are increasingly looking beyond their kin for managers

An increasing number of wealthy Chinese family businesses are turning to professional managers for succession planning in contrast with tradition, …

China

What Small Business Owners Need to Look Out For in 2018

Consider these 5 business challenges as you set your 2018 strategy.<p>Just a few weeks into the new year, there's never been a better time to plan ahead for 2018. But what issues need to be on the radar of small business owners everywhere? Here are five in particular I'm keeping my eye on.<p>1. The …

Want to Raise Successful Kids Who Aren't Perfectionists? This 27-Year, 41,000-Person Study Shows How

The study shows the wrong kind of youth movement--one of rising perfectionism. Here's why it's bad, and what to do.<p>I'd hazard a guess that one out of every three interview respondents uses "I'm just too much of a perfectionist" as the weakness to talk about in interviews--as if it were an okay …

Don't Set Up an LLC Without Doing This 1 Thing

Make sure you understand the tax issues associated with LLCs before you dive into your next business venture.<p>You're starting a new business. Your friend told you to set up a limited liability company (LLC). So you set one up and opened up a bank account. You're ready to dive in. But you forgot one …

Transition planning: Who talks first?

When the topic of a farm transition plan comes up, Mark, and Jeremy, father and son-in-law, were frustrated with each other -- and it showed.<p>Mark …

Family businesses need to prove their model is better

Family-owned companies used not to get much respect, when they were noticed at all. Many public companies have dispersed ownership and are managed by …

How Business Owners Can Get Fiscally (as Well as Physically) Fit in the New Year

One solution: Set up a life insurance policy from which you can sidestep the banks and loan yourself money, in a crunch.<p>With the new year, many entrepreneurs resolve to get physically fit. But fiscal fitness is just as important: When it comes to the future of your own business, are you fiscally …

The 8 Types of Company Culture

Menards founder's ex-fiancee doesn't deserve ownership

MADISON, Wis. (AP) — The Wisconsin Supreme Court says the founder of the Menards building supply stores doesn't owe his former fiancee an ownership interest in the company.<p>Debra Sands filed a lawsuit in 2008, alleging that John Menard promised her an ownership share in exchange for her work at the …

How Much Owner Salary Should S Corp Pay To Maximize Qualified Income Deduction?

My excitement about the 20% deduction for qualified business income has risen to a fever pitch. The day before yesterday, I spent going through client scenarios at a local CPA firm, where I play the role that the national office plays for the Big 4. I’m not saying I’m as good as the men and women …

Retirement

Divorce Sends Chinese Shampoo Maker on Roller Coaster Ride

BaWang International Group Holding Ltd., known for a shampoo commercial featuring movie star Jackie Chan, surged as much as 32 percent in Hong Kong …

Hong Kong

The Best Way to Deal with an Employee Resignation

These 3 action steps will create a graceful exit--and better morale for the coworkers who remain<p>It's a sad day when a valued employee hands in her resignation. And even if the departing employee was not a star performer, a resignation brings unwelcome disruption. How will the employee's work get …

Studies Show This 1 Thing Can Kill Any Merger or Acquisition

Mergers and acquisitions have reached historically distressing levels of failure, with rates as high as 90 percent.<p>We are the people who, for whatever reason, still have our chips on the table. We are the folks who own equity in businesses. For some of us, we intend to increase the value of our …

21 Things You Should Make Your Kids Pay For

Kids who need money are more likely to work, and working outside the house helps them develop valuable skills.<p>Whether they receive it from relatives …

How to add your child to the family business

Doing extensive planning and creating voluntary governance policies can help ease the transition when children are brought into a family business, …

Education

Phantom stock: Termination of right to buy or sell, treatment of asset and basis

<i>Editor: Mark G. Cook, CPA, CGMA</i><p>In <i>Hurford Investments No. 2, Ltd.</i>, No. 23017-11 (Tax Ct. 4/17/17) (order), the Tax Court considered whether the …

Must a Family Business Always be “Family”? Five Suggestions

Situation: The CEO of a business that has been in place for several generations is frustrated by the challenges of working with family members. …

Genealogy

10 Questions Your Family Business Website Should Answer

Is your website for you, your business or your customers? <b>Your customers</b>. Keep this in mind as you work through every stage of your website project. …

Handling the Early Stages of Exit Planning

Most successful business owners take pride in their abilities to simplify the complex by systemizing a process. But many owners struggle to systemize …

Why Business Owners and Advisors Must Set an Exit Date

In last week’s article, we discussed how important the emotional aspect of a business exit is to owners. While many business owners and advisors like …