FAMILY OWNED

Family Businesses Have Different Considerations

Relationships. Family businesses present their own set of unique challenges. There are emotional aspects that impact the business due to the relationships between spouses, sons, daughters, brothers, sisters and other relatives. As those relationships evolve over time, and the skill-sets and vision of those involved change, expectations may need to be realigned to match the current needs of the business.

Often, the owner of a family run business has a difficult time making decisions or may find themselves compromising decisions in order to avoid conflicts. We become an independent resource for your family to help assess and manage performance issues or disputes.

Services for Family Owned Businesses Include

  • Organizational Goal Setting and Accountability
  • Individual Goal Setting and Monitoring
  • Financial Reporting | Audits, Reviews, Compilations
  • Business & Individual Tax Planning & Return Preparation
  • Outsourcing the Accounting & Human Resource Function
  • Customized Management Reports
  • Family Wealth Planning & Gifting
  • Succession Planning or Exit Strategies
  • Family Meeting Facilitation
  • Creating a Family Board of Directors

Issues Often Confronting Family Run Businesses

  • Who should be the next CEO?
  • How is each family member compensated?
  • How is ownership allocated to family members?
  • Which person is more responsible to manage the financial aspects?
  • Are there relationship differences to address and continually manage?

Clarity and Expectations

Balance. Family owned businesses can benefit from input and counsel from people outside the family. Non-family members can provide an objective, unbiased perspective. We help set goals for individuals, make sure family members have plans to achieve the company’s goals and monitor performance.

Family Business Updates From Our Experts

CREATING BUSINESS SUCCESSION

ISSUE Retirement, let alone plans to hand over the business, can seem like a distant speck on the horizon when virtually all of a business owner’s time is consumed by maintaining positive cash flow and a stable balance sheet. And if you don’t want to simply sell the business lock, stock and barrel – picking

CREATING BUSINESS SUCCESSION

I AM AN S-CORPORATION OWNER-EMPLOYEE, WHAT SHOULD BE REPORTED ON MY W-2?

Jobe Dupre, CPA As an S-Corporation shareholder there are certain items that should be reported on your W-2 as compensation. These items are commonly either reported incorrectly or not reported at all. The good news for this year is that you still have time to call your payroll company and have these items correctly reported

I AM AN S-CORPORATION OWNER-EMPLOYEE, WHAT SHOULD BE REPORTED ON MY W-2?

Should You Be Paid to Find Your Successor?

Posting by Joel C. Susco, CPA Recently I read an interesting article from The Wall Street Journal titled “The Hottest Corporate Fad: Pay CEOs to Find Successors.” What a novel idea, particularly for a family-owned business! According to the article, sixteen Fortune 1000 companies have indicated that there is a direct link between the top

Should You Be Paid to Find Your Successor?

The Gray Areas of Estate Planning for a Family Business

Posting by Joel C. Susco, CPA Estate planning is a daunting task for most anyone, but estate planning if you are a family business owner is usually twice as difficult. So much must be considered: the estate plan needs to address the equitable division of assets among the heirs while minimizing the impact of estate,

The Gray Areas of Estate Planning for a Family Business

The One Thing Your Family Business Culture Needs

Posting by Geoffrey D. Brown, CPA I recently came across a great article in Entrepreneur about re-focusing a fourth-generation family business in a new strategic direction. In this first person chronicle, Will Housh, the current business owner, tells his story of selling the family’s HVAC business and refocusing it on an ecommerce enterprise. Change is

The One Thing Your Family Business Culture Needs

DC Family Business Alliance Welcomes Governance Expert Barbara Hauser for Advisor Roundtable

The Greater Washington DC Family Business Alliance (the Alliance) is pleased to announce that internationally-recognized family business expert Barbara Hauser will be facilitating its Family Business Advisor Roundtables on May 14, 2014. Designed to provide a forum to discuss relevant issues, the Roundtables bring together lawyers, bankers, financial advisors, and other professionals who specialize in

DC Family Business Alliance Welcomes Governance Expert Barbara Hauser for Advisor Roundtable

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