Your business partner(s) should balance your strengths and support you through the good times and the bad. They should also be willing to communicate with you freely and often. And while you and your partner may agree about everything now, disagreements and unexpected events are inevitable. That’s why a written partnership agreement is so valuable. Do you and your partner(s) have one?
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The ABCs of a Buy-Sell Agreement
Does your company know how it would handle a death, disability or departure of one of its owners? Whether you are part of a family business or not, buy-sell agreements are important to any company. But what makes it so important? A buy-sell agreement, also known as a business continuity contract, spells out how the assets and business interests would be distributed if an owner leaves the business, becomes disabled or passes away.
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How to Talk About Finances with Your Aging Parents
It’s a difficult thing to think about, but one day you could be taking care of an elderly parent who’s in declining physical or mental health. Whether or not you work with your parents in a family business, it’s important to recognize the financial stress and list of “to dos” that come with the emotions of this phase of life. By taking steps to make ensure finances are in order now, you’ll be more prepared to handle those matters down the road. In turn, you’ll have the ability to focus on the health and quality of life of your parents as they age.
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A 2017 Manufacturing Outlook
Struggling to find and retain tradespeople? Deciding when the timing is right to replace that 30-year-old machine? Noticing that your technology systems are slowing you down rather than making you more efficient? You’re not alone. Our 2017 manufacturing outlook addresses the biggest issues facing manufacturers this year and offers perspective from a firm that’s been working with numerous manufacturing companies for 45 years.
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Cray Kaiser featured in Family Business Magazine
Cray Kaiser is proud to be featured in the January/February 2017 edition of Family Business Magazine! Are you including the next generation of your business leaders in your accounting conversations? The article, Exposure to accounting decisions is a key part of leadership training, was written by Karen Snodgrass and explains why it is important to involve the next generation of leadership in financial discussions.
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Are You In or Out? Succession Planning for Family Business Owners with Children Both In and Not In the Business
Like many family business owners addressing their succession plan, Diane and Tom zero in on the family business and neglect to include their entire estate in their planning efforts. Proper succession planning considers assets beyond the family business. Founders should evaluate their whole estate and identify assets outside of the business that can also be bequeathed in an effort to achieve fairness.
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Family Meeting Best Practices
A family meeting is a gathering of all family members related to the owners of a family-owned or privately held business, regardless of role in the business or the family. Our philosophy is that even entrepreneurs and unrelated business owners have a family business. The business itself is a ‘family asset’. Click here to read if you’d like to learn more about how to have family meetings.
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Intrapreneurship: Sustainability for Your Business
Intrapreneurship embodies risk taking and innovation within an established business. When evaluating the sustainability of any organization, one might revisit the business model and consider new business lines that could resist the numerous tugs experienced in the lifecycle of any business.
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The Crash Card: A Tool to Protect Your Family and Business When You No Longer Can
You get an oil change every three months to protect your car. You get a check up every year to protect your health. You file your taxes every year to prevent issues with the IRS. But what are you doing to protect your family and your business when you will not be around to protect them yourself?
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When it’s NOT All in the Family: Succession Planning for the Family Business
Your son John has the best sales record on the team. Your daughter Mary’s advertising campaign was a huge success. But despite their talents and success, neither has a head for numbers. And neither has much savvy when it comes to culture and management. Kevin, your right-hand man for the last 15 years, runs operations smoothly, managing both finances and people with ease. He’s the obvious leader. But he’s not family. And he’s not an owner. As you begin to plan for your retirement, how do you do what’s best for your family without risking losing Kevin? Focusing on the company as an entity rather than the people as individuals allows you to set emotion aside and gain the perspective you need.
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