In his article, “Wealth Is a Gift, Not an Entitlement,” J. Kevin Heaton discusses a family dynamic I’ve seen all too often in my 35-plus years advising family business owners myself. It’s always sad to see some members invest the same blood, sweat, and tears that mom and/or dad have done through the years, only to see their siblings rewarded equally when it’s time to settle the estate or transition the ownership of the business.
Read MoreThere are many measures you can take to protect your business while revenue is down. In our last couple of article, we discussed your options with regard to your corporate debt, including loan modifications and loan workouts, as well as your company’s potential for spinning off non-essential assets. Today, let’s take a look at perhaps the least savory topic in all of business: collecting on your delinquent accounts.
Read MoreAs an advisor to middle-market family business owners, I routinely help founders plan for their eventual exit and retirement. There are many elements to building and executing on an exit strategy. You need to develop goals that are aligned with those of your estate plan, you need to plan for the growth of your business over time, and you need to develop succession and transition plans as well.
Read MoreThe last thing you want is to feel this way when you’re looking to exit your business. Selling a business is stressful—it’s one of those high-priority events in our lives, , like getting married, the birth of our children or starting the business. It’s inevitable that these events in our lives all lead to stress, but that doesn’t mean you can’t control it!
Read MoreA couple of the services we offer on a routine basis are succession planning and exit planning. Among the general public, these services are sometimes unclear. Let’s take a look at both succession planning and exit planning to promote a greater understanding.
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