P L A N N I N G & S T R A T E G Y
Well, if you’re reading this blog, you’ve probably heard…We just finished one of the ugliest and most emotionally-charged elections of my lifetime.
President Abraham Lincoln described our country as a fortress. It would never be destroyed from outside, but only from within. I fear the “fortress” built for us is at risk…
Buy-sell agreements are an essential part of your personal and business estate planning process. They may not be the most “fun” part, but they get a lot of hard questions answered in writing.
It’s your opportunity, along with the members of your family who own the business, to figure out what you will do as a family in any given situation. The more owners there are, the greater the need for you to make the company’s plan legally clear, in a way everyone agrees to.
There are many factors that contribute to the overall success of a family business, but there are two critical components that impact the long-term direction and the long-term viability of a family business. These two are: Common Goals and Shared Values.
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Why Is taking care of #1 Important?
Let’s cover the obvious – once you let go of the reins of your business, it belongs to someone else. Even if that “someone else” is your own child, they are now free to make decisions with what is now their business that may directly conflict with your hopes or wishes.