Tag: Family Business
11 Actions an Owner Must Take to Rapidly Grow Value & Unlock Wealth: Relentless Execution
Hiring Your Child as an Employee at Your Business May Provide Tax Benefits
If you own a business and have a child in high school or college, hiring him or her for the summer can provide a range of benefits, including tax savings. And hiring your child may be more…
Determining if a Family Office is Right for You
Family offices are created to help high net worth individuals or families manage their wealth. Each family office has various financial services it can offer a family, and there are two different types of family offices: single-family…
7 Tips for Passing on the Family Business
In a family business, bringing up the next generation of leaders can be difficult and a politically-charged endeavor. It’s crucial to get it right if you want your business to survive and grow successfully. To help ease…
Succession Planning Best Practices: A Guide for Leadership Transition
A well-documented succession plan helps reduce risk and ensure your company’s continuing success, yet many firms struggle to develop one that addresses a successful leadership transition. Businesses that follow these succession planning best practices will be in an…
Anticipated IRS Regulations Could Impact Use of Valuation Discounts
The business valuation and estate and planning community have heard the same type of rumors every few years – the IRS would be looking to make changes to try and eliminate or reduce the use of valuation…
Bridging the Expectation Gap
Having a formal evaluation process in place at your family business is critical to bridging the expectation gap between the parents running the business, their adult children, and other employees. One of the biggest challenges of —…
Do you have a transition plan that protects your business?
By Michael Pappas, CPA, director in charge of Barnes Wendling’s accounting and assurance services department. If you’re like many business owners, you probably think you have plenty of time to plan your transition. After all, you may…
