The nature of family-owned businesses creates unique benefits and challenges. We can help you navigate this type of business set-up so everyone wins.
Are you looking to hire your children and potentially give them a stake in your company? Do you have a son-in-law or daughter-in-law who is looking for work?
Many of our clients who own or run family-owned businesses concerned about:
As you may have already found out, family-owned businesses are unlike traditional ones. Successes and failures can be twice as sweet or sour when family members are a part of the company.
For all family-owned businesses, there are difficult decisions to make, and communication from the beginning is crucial. Our business pros have helped advise and set up financial plans for family-owned entities with various types of make-ups.
The overlap between business and family creates various options for health care coverage, retirement accounts, and other elements of protection and savings.
With multiple family members potentially owning a business, it’s critical to determine what will happen to the business in the case of a catastrophic event.
The ability to take care of family members through business is a common attraction, but too much support can cause the business to suffer.
Understanding and communicating roles and responsibilities is especially important in this type of business.
Having a tax strategy is critical in any company, especially in this type where business owners and households can potentially overlap.
Like with most advanced financial concepts, not many people are familiar with financial risk tolerance. But it’s critical that everyone who wants to invest money understand how risky they are by nature – especially when it comes to finances.
DISCLAIMER: This post is not endorsing any candidate for the office of the President of the United States of America. Sorry, no juicy antagonism here. We know, that’s pretty boring. But with all the mudslinging this election season we’ve decided to try to dig into some actual facts for our friends, partners, blog readers, and fellow […]