Families Prevent Second and Third Generation Business Failure through Sensitive, Provocative Dialogue

Posting by Geoffrey D. Brown, CPA

Imagine the following profile: Their vision was clear; all made sense. Barry and Sandy Gilman would naturally turn over the clubs to their three children while Barry and Sandy eased towards their retirement, split between the villa in Costa Rica and the lake home in Michigan. Naturally, the kids could call anytime to seek advice (hopefully not too often); but the Gilmans just knew things would work out. After all, this business was a […]

March 22, 2013 Accounting, Family Owned Businesses Read more...

5 Common Threats to Family Business

Posting by Joel C. Susco, CPA

Whether it is changing economic conditions, a lack of capital, or just general competition, every business is threatened by something.  Family owned businesses experience these challenges as well, but they also have their own unique threats.

Here are some of the more severe threats, along with tips on how to manage them:

1. No succession plan. At some point, a member of the team may retire, leave or even worse, die. Just imagine what would happen […]

March 20, 2013 Family Owned Businesses Read more...

Considerations for Hiring a Non-Family CEO

Posted in DCFBA Blog, Management, Relationships | Post By Geoffrey D. Brown, CPA, Principal

Posting by Geoffrey D. Brown, CPA, Family Business Advisor

When considering whether or not to hire a non-family CEO you probably shouldn’t look as closely at the pros and cons as you should the unique circumstances surrounding your business.  Let’s discuss what situations to keep in mind when you are considering transitioning to a non-family CEO.

Is there a chance the next generation is not ready or willing […]

March 14, 2013 Accounting, Family Owned Businesses Read more...

How Family Businesses Can Strike the Balance Between Honoring Tradition and Allowing for Necessary Change

Posting by Joel C. Susco, CPA, Principal

For years, the mantra for many family businesses was simple. “If it ain’t broke, don’t fix it.”  For many family businesses, innovation drives the early years of the family business.  Then, the following generations often tend to be “minders of the store” rather than innovators.  Maybe they are nervous about making changes to tradition, maybe they don’t know how, or a combination of both.

I recently had a discussion with a family business client […]

March 5, 2013 Accounting, Family Owned Businesses Read more...

The Plan’s the Thing: Prevent Common Oversights When Making your Business Succession Plan

Posting by Jacqueline M. Thompson, CPA, Principal

You don’t have to look far to find the most obvious oversight made regarding family business succession planning – not making the plan at all!  We’re not going to list the lack of a succession plan as one of the oversights in this post, because we want you to make the plan!  Just ensure you consider the following often-missed or misformed considerations for your family business succession plan.

Items to Consider, and Consider Well, […]

February 21, 2013 Family Owned Businesses, Uncategorized Read more...

5 Steps to Building a Successful Family Foundation

Posting by Joel C. Susco, CPA, Principal

After experiencing success in the business world, many families decide to establish a family foundation to give back to the community or to a specific organization that is near and dear to their hearts.  In addition to favorable tax benefits, family foundations can engage younger family members in philanthropy and establish a legacy of giving in your family for generations to come.

As with many large undertakings, getting started can be the hardest part. […]

February 19, 2013 Family Owned Businesses, Tax Read more...

Theory of Relativity: Best Hiring Practices for Family Businesses (Part 2 of 2)

Posting by Geoffrey D. Brown, CPA, Family Business Advisor

Hiring team members in a family business often is not as simple as having a conversation with family members over the dinner table and choosing them as employees.  As reviewed in Part 1, there are numerous reasons to hire (or not hire) family members.

In this post, we reveal items to consider when bringing both new family and non-family talent on board.

Ensure buy-in on the company’s vision. During the hiring process, it’s […]

February 6, 2013 Family Owned Businesses, Human Resources Read more...

Small Grocery Chains Squeezed Out By a Crowded Field

The Washington Post
Posting by Geoffrey Brown, CPA

An increasingly crowded field of big-box supermarkets is squeezing out many of the smaller do-it-all grocers that tried to compete directly with the national chains. “There is just too much competition to try to take on the big-box stores, because they can kill you on prices and variety,” said Geoff Brown, principal at Bond Beebe, an accounting firm in Bethesda specializing in small, medium and family-run businesses.

Read More

January 20, 2013 Family Owned Businesses Read more...

HOME OFFICE DEDUCTION SIMPLIFIED FOR 2013

Glenn Bailey, CPA

The IRS has issued Rev. Proc 2013-13 which promises a much simpler way to claim the home office deduction.  Beginning in 2013, a user of a qualified home office can elect to claim an expense of $5 per square foot of office space, up to 300 square feet total, instead of calculating the actual expenses. This $5 amount takes the place of utilities, cleaning, repairs, depreciation and any other expenses related to business use of the home […]

January 17, 2013 Accounting, Family Owned Businesses Read more...

Theory of Relativity: Best Hiring Practices for Family Businesses (Part 1 of 2)

Posting by Geoffrey D. Brown, CPA

By the very term, it is expected that a “family business” always has more than one family member involved in the business.  But just being related doesn’t necessarily make one a good employee of a family business; and all family members are not in fact created equal (except perhaps for identical twins).  How should a family business approach hiring employees in the start-up period and ongoing for the best chance at success?  This two-part […]

January 16, 2013 Family Owned Businesses, Human Resources Read more...