Recently in our blog, we talked about business partnerships between siblings. As a follow-up to that post, we wanted to discuss business partnerships between parents and their adult children, too. Many who own and operate companies in the Northeast (Massachusetts and New Hampshire, for example) want to have their children take over at some point. In some cases, parents assume
If you own a family business and you’re leaving it to your children through a succession plan, you’re essentially just telling your children that they are going to become business partners. Is this actually going to work, or can it create some issues for the business? Success is possible History tells us that success is certainly possible. The Wright brothers famously invented
Whether you are the owner of a multinational corporation or a mom-and-pop corner store, your business is a significant asset for you and your family. As such, you need to devise a strategic succession plan for your business. Your business succession plan does not necessarily only get initiated upon your demise. There are numerous ways to transfer the interest of a
Let’s take a moment to talk about a blunt truth that all family business owners have to face at some point: Most of these businesses do not have long term success. You can find counter-examples. For instance, the Amway multi-level marketing company was started by Richard DeVos and now makes billions of dollars per year for his children. Sam Walton
Business owners in Massachusetts and New Hampshire spend little time thinking about a future when they no longer operate their companies. Unfortunately, this means that most company owners lack a business succession plan. For those who have no children or have kids that are not interested in taking the reins, lacking a plan may put their company at risk for
You started the business you own from nothing. Maybe, like so many famous companies, you started in your garage. Now your company is worth millions. You hope to pass it on to the children and see them make it even bigger and more successful, given the advantage they have of not starting with nothing. But will it happen? How likely
Owning a business in Massachusetts in not uncommon. Whether it is a family business that has passed down from generation to generation or a business that was recently established, there are important business decisions that must be made. These are not always the daily operation decisions, however. Business planning requires an owner to consider various scenarios to ensure the continued
When you started your Massachusetts business, you may have been a young, bright-eyed enthusiast. As the years went on, you garnered various successes and knew that your business would continue thriving for years to come. At first, you may have pictured yourself gray-haired and experienced sitting behind your desk until the days the doors closed, but now, you understand that
There will be a time in every Massachusetts business owner’s life when leaving his or her company behind is a want/need. Waiting to figure out how to pass on one’s business until the last minute is not the wisest decision. The simple truth of the matter is, the process of changing company ownership can be complicated. When passing a business
More than likely, you are going into business to make a profit. As you start your company, you commit to going to great lengths to make sure you set it up for success. You may have already purchased insurance policies to cover losses of property, expenses from liabilities and more. Another insurance product you may want to consider is business
Recently in our blog, we talked about business partnerships between siblings. As a follow-up to that post, we wanted to discuss business partnerships between parents and their adult children, too. Many who own and operate companies in the Northeast (Massachusetts and New Hampshire, for example) want to have their children take over at some point. In some cases, parents assume
If you own a family business and you’re leaving it to your children through a succession plan, you’re essentially just telling your children that they are going to become business partners. Is this actually going to work, or can it create some issues for the business? Success is possible History tells us that success is certainly possible. The Wright brothers famously invented
Whether you are the owner of a multinational corporation or a mom-and-pop corner store, your business is a significant asset for you and your family. As such, you need to devise a strategic succession plan for your business. Your business succession plan does not necessarily only get initiated upon your demise. There are numerous ways to transfer the interest of a
Let’s take a moment to talk about a blunt truth that all family business owners have to face at some point: Most of these businesses do not have long term success. You can find counter-examples. For instance, the Amway multi-level marketing company was started by Richard DeVos and now makes billions of dollars per year for his children. Sam Walton
Business owners in Massachusetts and New Hampshire spend little time thinking about a future when they no longer operate their companies. Unfortunately, this means that most company owners lack a business succession plan. For those who have no children or have kids that are not interested in taking the reins, lacking a plan may put their company at risk for
You started the business you own from nothing. Maybe, like so many famous companies, you started in your garage. Now your company is worth millions. You hope to pass it on to the children and see them make it even bigger and more successful, given the advantage they have of not starting with nothing. But will it happen? How likely
Owning a business in Massachusetts in not uncommon. Whether it is a family business that has passed down from generation to generation or a business that was recently established, there are important business decisions that must be made. These are not always the daily operation decisions, however. Business planning requires an owner to consider various scenarios to ensure the continued
When you started your Massachusetts business, you may have been a young, bright-eyed enthusiast. As the years went on, you garnered various successes and knew that your business would continue thriving for years to come. At first, you may have pictured yourself gray-haired and experienced sitting behind your desk until the days the doors closed, but now, you understand that
There will be a time in every Massachusetts business owner’s life when leaving his or her company behind is a want/need. Waiting to figure out how to pass on one’s business until the last minute is not the wisest decision. The simple truth of the matter is, the process of changing company ownership can be complicated. When passing a business
More than likely, you are going into business to make a profit. As you start your company, you commit to going to great lengths to make sure you set it up for success. You may have already purchased insurance policies to cover losses of property, expenses from liabilities and more. Another insurance product you may want to consider is business
