Preparing the Next Generation of Leaders for the Family Business: Part 4 of 4

Posting by Geoffrey D. Brown, CPA, Principal

In my prior posts on this topic I discussed identifying possible leadership candidates, and establishing criteria for education and appropriate work experience for your family business’s future leaders. Outside of those three issues, there are several other considerations that a family business CEO or owner should take into account when preparing the next generation of leaders for the family business. For an effective succession process, it is essential to manage the expectations of […]

March 10, 2014 Family Owned Businesses Read more...

Preparing the Next Generation of Leaders for the Family Business Part 3 of 4

Posting by Geoffrey D. Brown, CPA, Principal

In the last two posts we talked about identifying potential leaders and educating the next generation of family business leaders. In this post I’ll discuss setting standards for work experience for developing leaders.

If several (or all) of your children have a desire to work in the family business, it’s obvious that not all of them can ascend to the role of CEO, so as leaders, finding the right fit for them is important. […]

March 3, 2014 Family Owned Businesses, Human Resources Read more...

NEW GUIDANCE FROM IRS IS GREAT NEWS FOR SMALL BUSINESSES

Kelly Lopez, CPA
The IRS Provides New Guidance on Tangible Property Regulations
The New Repair Rules have been a hot topic in the tax community since their release. While they provided much needed guidance regarding the capitalization and disposal of tangible property, they also required businesses to file numerous change of accounting method forms (3115) in order to adopt them. This put a significant burden on businesses.

Fortunately, the IRS released Rev. Proc. 2015-20 a few days ago. This revenue procedure […]

February 24, 2014 Accounting, Family Owned Businesses Read more...

Preparing the Next Generation of Leaders for the Family Business: Part 2 of 4

Posting by Geoffrey D. Brown, CPA, Principal

In my last blog I talked about identifying possible leaders in the family business. Ensuring proper education and establishing clear standards for educational achievements is another important part of preparing the next generation of leaders for the family business. Many family businesses that have survived to the 4th and 5th generation have minimum education requirements before any family member can begin a career in the family business, let alone be considered as a […]

February 19, 2014 Family Owned Businesses Read more...

Preparing the Next Generation of Leaders for the Family Business: Part 1 of 4

Posting by Geoffrey D. Brown, CPA, Principal

Preparing the next generation of leaders for the family business is a difficult task, one that many businesses begin after it is much too late. In reality, successful succession begins with developing tomorrow’s leaders today, and undergoing a thoughtful selection process to educate, engage, and grow a leader that will help your family business beat the odds and continue for generations to come.

To distill the basic principles of developing leaders in the next […]

February 3, 2014 Family Owned Businesses Read more...

Common Misconceptions about Fraud in the Family Business

Jacqueline Thompson, CPA

No family-owned business likes to think that their trusted employees would steal from the business –certainly not their family members. Unfortunately, family businesses aren’t exempt from fraud, and assuming that your company is safe from embezzlement, malfeasance, or any other fraudulent act can put your business at grave risk.

In my years of accounting work, here are the most common misconceptions I’ve encountered regarding family business fraud:

Fraud Doesn’t Happen in Family Businesses. Any business is vulnerable to fraud. […]

January 28, 2014 Accounting, Family Owned Businesses, Forensic Accounting Read more...

Effective Succession Planning: Expecting the Unexpected in Your Family Business

Posting by Geoffrey D. Brown, CPA

Last week, I had the pleasure of speaking to the Exit Planning Exchange’s DC Metro chapter regarding the unexpected events that can complicate effective succession planning.  I had the opportunity to talk to several advisors about the issues they have seen family businesses face, and also heard some fascinating stories – both positive and negative.

I chose to speak on “Expecting the Unexpected” because I have seen so many family businesses fail to plan for […]

January 23, 2014 Family Owned Businesses Read more...

Exit Planning Exchange Hosts Alliance Founder Geoffrey Brown for Seminar

Brown discusses strategies for successful family business transitions

BETHESDA, Maryland (January 16, 2014) – Bond Beebe, a certified public accounting
and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that Principal Geoffrey Brown spoke at the DC Metro Exit Planning Exchange on January 16, 2014. Brown presented a seminar entitled “Creating Successful Transitions for Family Businesses,” discussing the unexpected events that often occur in family-owned entities. Through the presentation, Brown offered insights to help advisors guide family businesses to […]

January 16, 2014 Family Owned Businesses, Firm News & Events Read more...

New Year Checklist for Business Owners

Posting by Joel Susco, CPA

The beginning of the year is the perfect time to step back and get a 360-degree view of your company. Taking the time to plan ahead and think strategically will help you set the foundation for success in 2014. There are a number of essential tasks this time of year that can’t be overlooked – like preparing for your 2013 tax obligations – and quite a few strategic decisions and efforts you should consider undertaking, […]

January 15, 2014 Family Owned Businesses, Tax Read more...

NORTH CAROLINA ADOPTS SALES TAX FOR SERVICE CONTRACTS EFFECTIVE JANUARY 1, 2014

Glenn Bailey, CPA

In July of 2013, North Carolina adopted N.C. Gen. Stat. § 105-164.4(a)(11), which imposes the 4.75% general State and applicable local and transit rates of sales and use tax “to the sales price of a service contract” sold by a retailer on or after January 1, 2014 and sourced to this State.

N.C. Statutes define “service contract” as “a warranty agreement, a maintenance agreement, a repair contract, or a similar agreement or contract by which the seller agrees […]

January 6, 2014 Accounting, Family Owned Businesses, Tax Read more...