Nearly three quarters of small business owners plan to leave their businesses in the next ten years. For some, that means passing the business along to a family member or a carefully selected successor. For others, that means selling the business. But selling a business isn’t...
Succession planning is complicated in the best of cases. Succession planning in the family business could lead to a disaster of epic proportions. The reasons for failure are endless: from emotional triggers to secrecy, from impossible expectations to a lack of respect. Families are complicated,...
If you’re running a business and you have been for a while, chances are you’re aware how indispensable you are. All the information, the relationships and the experience of the business is in your head, tied up with you and your brain. Then, something unexpected...
Just one or two generations ago, an executor would unearth financial information from overflowing filing cabinets in the basement or the attic of the deceased. Today, that information is more likely to be found on a laptop or a smartphone than in a filing cabinet. If...
When a loved one dies, emotions run high. Family members may be sad their loved one is no longer with them. They may feel lost, unsure how to move on. They may feel relief that the stress of a complicated relationship is finally over. And if...
When updating your Shareholder Agreement, consider that when you started, your focus may have been: Drafted at inceptionLikely only had you in mindManagement decision, capital limitations, unanimous decisions or unilateral decisionsValuation method or formulaSpouses not involvedDirect ownership But going forward, you may now need to consider: Set...
8 Rules to get the Best Deal ~Selling Your Business Is A Process, Not an Event The 8 rules you need to consider are: Rule #1: Do not try to sell your business yourself. Rule #2: Have a clear understanding of why you are selling your business. Rule #3: Have a...
Select your Power of Attorney with Care A Power of Attorney [PoA] is a powerful document. It puts the rights of ownership into the hands of another. A PoA gives some, or all, of the decision-making power of the grantor to another. PoA financial exploitation is considered a serious...