Four Tips for Preparing the Next Generation of Leadership

Posting by Geoffrey D. Brown, CPA

When considering how to prepare the next generation in a family business, it is necessary to focus not only on those who might work in the business and become part of the management team, but also those who may only be shareholders and not even work in the business.  Below are four tips, or keys, for preparing the next generation for leadership that apply to those who are going to actively participate in the […]

January 11, 2013 Family Owned Businesses Read more...

Why Family Business Members Become Complacent (And How to Avoid It!)

Posting by Joel C. Susco, CPA, Principal

Family-owned businesses whether large or small, whether profitable or not, may eventually have to deal with the issue of under-performing or complacent family members who have lost their emotional attachment to the business.

Traditionally, family businesses are started by strong-willed, determined individuals who have the energy, vision and the drive to embark on a business of their own.  The founders often feel strong emotional attachment to the business which they’ve cultivated and grown with […]

January 3, 2013 Family Owned Businesses Read more...

WHAT’S YOUR TIN AGAIN? HELPING THE IRS CLOSE THE “TAX GAP.”

In spite of pervasive 1099 and W-2 reporting requirements, the US income tax system for most small businesses is still largely an honor system.  According to IRS studies, this segment of taxpayers account for approximately 84% of the $450 billion estimated tax gap.  As a result, the IRS continues the push to increase 1099 reporting to try and whittle away the large amount of unreported or underreported income among small businesses.

This push can clearly be seen in the question […]

October 26, 2012 Accounting, Family Owned Businesses, Tax Read more...

Successfully Preparing the Next Generation to Lead the Family Business

Posting by Joel C. Susco, CPA, Principal

Our family, like many others, cherishes its traditions.  Regardless of whether they are for Christmas, Easter, Passover or a birthday, my wife and I always seem to want to celebrate in the same way.  After all, it’s tradition!  Since these rituals are so important to us, we have trained (or forced) our children to be our successors for these traditions.  Long after my wife and I have passed, we hope that these sacred […]

July 5, 2012 Family Owned Businesses Read more...

Gretzky’s Puck and the Commitments that Drive Family Business Success

Posting by Geoffrey D. Brown, CPA

Wayne Gretzky once said that good hockey players play where the puck is, but great players play where the puck will be. That statement was certainly true for Gretzky’s career, but I was again inspired when it was referenced by an industry icon as one of the fundamental reasons his family business has survived for 212 years.

Charles Kittredge is the Chairman and former Chief Executive Officer (as of this year) of Crane & Co., […]

May 21, 2012 Family Owned Businesses, Human Resources Read more...

Greater Washington DC Family Business Alliance to Host Eight-Generation Family Firm

Charles Kittredge, Chairman of Crane & Co., is the Luncheon’s Keynote Speaker

Bethesda, MD (April 6, 2012) – The Greater Washington DC Family Business Alliance (“the Alliance”) has tapped the chairman of the historic paper firm Crane & Co. (“Crane”), to speak at a special Alliance luncheon on May 2, 2012. As the primary objective of the Alliance is to help area family businesses to succeed, this is a rare occasion to hear from a family business that has grown […]

April 6, 2012 Family Owned Businesses, Firm News & Events Read more...

Crane & Company – This “Stationery” Family Keeps Moving in the Paper Business

Posting by Joel C. Susco, CPA, Principal

Imagine a time over 200 years ago, when there were no cameras, no tape recorders, no videos; a time when some of our most important historical documents were written.  Most people are familiar with the cookware called “Revereware” and know the origins come from the silversmith Paul Revere of American Revolution fame.  You should perhaps also become familiar with the family business Crane & Co., a stationery firm that got its start as […]

March 12, 2012 Family Owned Businesses, Uncategorized Read more...

That’s a Shareholder Problem!

2Posting by Eric Fletcher, CPA

For most large businesses, the personal financial needs of their shareholders, partners or members are of little concern.  Obviously, there is a market incentive to maximize the value of the company, thus enriching the owners, but the impact that the income or appreciation of the company has on the shareholders does not have to be a principal concern of management.  The exact opposite is true for the family business, where the finances of the company […]

February 21, 2012 Accounting, Family Owned Businesses, Wealth Management Read more...

New Year Tax Planning Guide for Family-Owned Businesses

Posting by Joel C. Susco, CPA

That time of year has come and gone again.  The office parties, family get-togethers, and buying presents are over, and tax planning for the year has begun.  It just does not seem like there are enough hours in the day or days in the week to accomplish it all.  But, it is important to spend some time after this end-of-year madness to focus on areas that may have gotten away from us during the […]

January 18, 2012 Family Owned Businesses, Tax Read more...

Jon & Kate Plus 8 Minus Jon: What is Wrong with this Equation?

Posting by Joel C. Susco, CPA

What would the producers of Jon & Kate Plus 8 have done if it was Kate who left, and the less-catchy new title would be Jon Plus 8?  Marketing loves rhyming and/or alliteration, so it was crucial the title still had some pop, even if Pop was no longer in the family.  And so it goes, divorce affects not only the family, but sometimes the family business, in ways one can’t even imagine.

The Reality […]

December 15, 2011 Family Owned Businesses Read more...