Category: Family Business Structure
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A Common Barrier to Your Family Business Transition
August 9th, 2023
Of the barriers that frequently delay a family business from planning and executing their transition, one of the biggest I see is a lack of clarity on a current owner’s next chapter of life.
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Philanthropy Options in Family-Owned Businesses
July 12th, 2023
We have found that many have philanthropic intentions as part of their core values. Most of these businesses choose to make contributions directly to individual charities each year. However, there are two often-overlooked alternatives for making these contributions. Determining which vehicle is best for you depends largely on your goals and the level of control you wish to have on the contributed funds.
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How Your Family Business Can Benefit from an Advisory Board
March 15th, 2023
I recently attended a middle market roundtable discussion hosted by the Chamber of Commerce for Greater Philadelphia where the topic was Forming an Effective Advisory Board. The discussion centered around how an advisory board can benefit your business as well as tips for building an advisory board in your company. Every business can use a […]
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Is the Next Generation Ready to Take Over Your Family Business?
January 9th, 2023
We are firmly entering the second half of the wave of Baby Boomers reaching traditional retirement age. Both family and non-family owned businesses are facing the inevitable reality that their next generation employees will be taking on more leadership responsibilities. But as the next generation begins to take over, the big question is, how ready […]
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2022 Family Business Survey Preview – How Are Companies Faring in This Challenging Environment?
September 20th, 2022
As part of our commitment to family businesses, we conduct a survey about every three years to identify key trends in these organizations. In our last survey, conducted in 2019, we saw positive trends in advance planning for succession, emergency plans, and estate planning, as well as movement toward more formalized board structures. Developing the […]
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It’s Personal: What I Learned About Being an Advisor From My Family’s Business
July 18th, 2022
In 1977, a shingle was hung declaring my father’s company, Simonetti and Son, Inc., open for business. The company, operated by a labor force of three (father, son, and apprentice), had one goal – the creation of custom cabinetry and furniture refinishing. Over the next 30 years, I had a first-row seat to the many […]
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3 Tips to Avoid Conflict Over Distributions in a Family Business
June 13th, 2022
Family businesses are unique in that their employees (i.e., family members) usually know a lot more about each other’s personal business than in most other organizations. Many family businesses have shareholders who work directly inside the business (insiders) as well as shareholders who do not work in the business at all (outsiders). When a family business has […]
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The Use of Equity Incentive Plans in a Family-Owned Business
April 11th, 2022
Family businesses continue to struggle with attracting and retaining top talent. Compensation levels continue to rise at a faster pace than most companies can increase prices, thus creating a margin compression on profits. So what enticements can a family business offer beyond salary and bonus to attract and retain high quality employees without further eroding […]
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What the Show Succession Can Teach Family Businesses
February 28th, 2022
My husband and I have been captivated by the HBO series, Succession. While my husband is drawn to the clever writing and dark humor, I am fascinated by the family dynamic it showcases. Many family business owners I have spoken with have remarked how eerily accurate the satirical show is. While I am not suggesting […]
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Family Business Conundrum: What to Do With Children Who Are Not Involved in the Business
December 14th, 2021
I have recently been working through a myriad of family business transitions, and an interesting theme ran across too many of them to go unnoticed. The issue centered around a struggle of how to best treat the children. Here are a few facts that were apparent in all instances: These transitions involved the first generation […]