As we end the year, this is a time for reflection and planning for the coming year. With some of the families with whom I work, often they try to address some of the more complicated aspects of succession (governance, estate freezes, family employment) before setting in place the basics. I have previously spoken about […]
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A family business is any for profit enterprise with a purpose for family employment and to make a profit. The size of a family business can range from the corner grocery store to a major enterprise, employing thousands. The Kohler family [toilets and faucets], for example, continue to run their business very much as a […]
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Time for a financial checkup? How often do you undertake this exercise, a mere pause and reflection from the relentless and all consuming pursuit of your family enterprise’s success. What do I mean by a financial checkup? This means to consider your assets. The first time doing this, most people would focus on their financial […]
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You will be surprised how much we take past accomplishments for granted. The pain and challenges of past triumphs quickly dissipate with the hectic day to day demands of the enterprise. Take a moment to reflect on the past and what made the business what it is today. The equally important takeaway from this reflection […]
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If your goal of succession of your business is your retirement, how do you define retirement? Retirement in someone’s words was “doing what you want when you want to do it“. The traditional concept of retirement?!?…picture this, a serene lake with your fishing rod lazily dipping into the still azure surface, a straw hat tipped […]
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