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Small Business Techniques

Founder Exit from the Family Business

Founder Exit from the Family Business

Like many commitments in life, getting out of a family business is harder than getting in. The founder exit usually means some form of retirement, but usually there is no pension and no 401K. Usually a small business owner must use the value of their business to support their retirement. But how do they turn […]

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Family Business Succession: The Inclusive Approach

Family Business Succession: The Inclusive Approach

If you want to start a family feud, pick a successor and ignore the rest of the family. There is a better way to decide family business succession: the inclusive approach. The traditional approach to family business succession planning was described in the previous article: identify and develop a successor, and make sure they inherit […]

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Second Generation and the Family Business

Second Generation and the Family Business

Family business founders often hope to pass their business to their children for two reasons: to help the children succeed economically, and to continue their legacy. But most of the time this does not happen. According to The Family Business Institute, only 30% of family businesses are being run by the second generation, 12% by […]

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Family Business Shareholder Agreement Techniques

Family Business Shareholder Agreement Techniques

When there is more than one shareholder, you have to answer questions like these: “Who gets to decide?” “How can the other person be heard?” “Who can I sell or give my shares to?” You write the answers into the Family Business Shareholder Agreement (also called Bylaws and other names as well) before the issue […]

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Family Business Ownership Structure

Family Business Ownership Structure

Would you like to cut taxes, reduce liability risk, and have an easier time making decisions in your family business? Sure, but how? The family business ownership structure you choose can be the key to unlock these benefits. Choices for Family Business Ownership Structure You have about six choices for your family business ownership structure. You […]

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Non-Family Employees in a Family Business

Non-Family Employees in a Family Business

The best family businesses have some non-family employees. Few families can offer all the skills needed to run their business. Most reach out to the larger world to find employee skills not available within the family. The resulting blended work force makes the company stronger. But adding non-family employees into the mix with family ownership […]

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