Running a successful family business requires addressing and agreeing upon important issues that impact the business, including:
- Why would you want to keep the business in the family?
- What other factors might motivate your decision?
- How do you treat your grandchildren fairly?
- How important is it that your business retains its independence?
- What about family members who aren’t involved in the business?
Family Councils
Family businesses pose unique challenges. Disagreements among family members can harm the business if not addressed in a timely and effective manner. We can help you establish a family council to educate and inform family members (even those who do not participate directly) about business issues. Regular council meetings provide a “safe” forum for discussing family issues outside of the office.
Intergenerational Business Transfers
Planning for an intergenerational transfer of a family business is complex and needs to be well-managed to ensure family bonds remain strong throughout the transition. We will work with you to separate ownership, management and family issues and identify the factors at play within each of these areas. Ideally, planning should start before the younger generation enters the business.
Wealth Management and Transfer
Once you’ve sold the business, you and your family will likely have substantially more personal wealth. We can work with you to develop a plan to identify the best and most tax-effective use of your wealth. Many families also benefit from working with the beneficiaries, to ensure children inherit not just financial wealth, but also a meaningful knowledge of the family’s values, and the many other capabilities necessary to achieve the highest and best purposes for their inheritances.
Charitable Giving/Foundations
If you choose to use a portion of your wealth to advance charitable causes, we can help you identify your charitable goals and create a plan for giving. Whether you use a foundation, a trust or other vehicles for giving, we will help you make the best decision, from both a personal and tax-planning perspective.
Family Office
Families of significant wealth may need assistance managing personal finances, investments, travel arrangements and other administrative matters. Creating a family office may be the solution — although this can be costly. We can help you decide what is right for your family and to find the resources to implement your plans.
