Financial literacy. What is it – raising the level of knowledge about money, wealth and financial matters. The intent is to help those who have or will have money under their responsibility learn about some basic concepts and are able to understand and hopefully manage their finances. Why? – More than $ 30 trillion will […]
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This may sound somewhat “preachey”. However, you must at some point in time, share the intimate secrets of our business with the most important person in your life, your life partner and your spouse. Not all of us are married, not all of us have partners. For those who do, then something can be done […]
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A wise family enterprise advisor said, “If you take a resource to the grave, you will dramatically impact your company’s ability to compete.”. This is definitely a no no. A Men’s Health magazine article agrees….Men’s health article What can you do? 1. Identify what special resources your enterprise possesses 2. Tell someone trusted in your […]
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Trust and respect. These are earned and not things that are inherited. There are two edges to this sword. Children should not be entitled to “own” and operate a business, just because they were born to the right family. The best candidate to run a business, may not necessarily be a family member. Generally a […]
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As a family enterprise navigates it’s way through succession, there will be a time when a family owner no longer works for the business. This creates potential issues. The most obvious is the differences of view potentially between salaries to family members and dividends to owners of shares. In many enterprises, the line between dividends […]
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