Special Issue: Family Firms and the Law

June 17, 2024 - Issue #120

Family Firms May Need More Legal Advice Than They Think Family Firms May Need More Legal Advice Than They Think Families are often reluctant to anticipate and plan for the day when an unexpected transition might upend their business. The costs of inaction are high.
How To Know When You Need a Lawyer (and How To Find the Right One) How To Know When You Need a Lawyer (and How To Find the Right One) Here are nine situations when a lawyer is a must, guidelines for getting the most from your legal budget, and steps for finding the right advisor.
Divorce Can Hollow out a Family Business — But it Doesn’t Have to Divorce Can Hollow out a Family Business — But it Doesn’t Have to It’s surprising how many business-owning families fail to properly plan for this worst case scenario. Here's advice from two experts about protecting the business.
'I’ll See You in Court?' There’s a Better Way for Businesses  'I’ll See You in Court?' There’s a Better Way for Businesses  Alternative Dispute Resolution helps businesses resolve legal matters outside of litigation, allowing the parties to voluntarily reach a compromise.
What the Bob Ross Fight Can Teach Business Owners What the Bob Ross Fight Can Teach Business Owners The fight over the beloved TV artist's estate is a cautionary tale for any business. How to protect your business and your heirs well before you die.
5 Ways to Keep Your Kids From Fighting Over Your Will 5 Ways to Keep Your Kids From Fighting Over Your Will Communicate early and often, get input, be fair and detailed about your plans, and write a letter to your children explaining your choices.
Beyond Succession: Family Firms Need a Legacy Plan Too Beyond Succession: Family Firms Need a Legacy Plan Too A family venture can thrive if its values are passed along to the next generation. Defining those values is the first challenge.
Non-Competes Are a Double-Edged Sword Non-Competes Are a Double-Edged Sword While non-competes are often viewed as low-cost insurance policies, they can have hidden costs. Here's how to tell if they're right for your venture.
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Recent
The Next Generation Can Help the Family Firm Innovate
by Richard Schulze and Ritch Sorenson / Commentary

Best Buy Founder Richard Shulze and Ritch Sorenson of the University of St. Thomas explore the opportunities that come with a changing of the guard. Read more...

Single Family Offices as Owners: Long-Term Investors or Financial Optimizers?
by Joern Block, Reza Fathollahi, and Onur Eroglu / Research Insight

The capital structure of a firm determines its financial viability and creditworthiness. Families should understand how ownership influences this structure. Read more...

Family Business Stories Build a Legacy For the Next Generation
by Kimberly Eddleston / Interviews

Books, websites, videos and blogs can capture a family business's saga, with all its challenges and triumphs, and shape a powerful legacy. Read more...

Family Business Budget Planning: 7 Things to Consider
by Joseph Astrachan / Practice Insight

Family firms -- indeed, any entrepreneur-led business -- should put aside the self-interest of different departments, and focus first on these critical factors. Read more...

Trending
How Family Dynamics Shape Family Businesses
by Joseph Astrachan and Claudia Binz Astrachan
Managing Emotional Minefields Within Family Businesses
by Dr. Ayoosha Saleem, Francesco Barbera, Simon de Jong, and Arvid Hoffmann
Editorial offices located at St Thomas University

Editorial offices located at St Thomas University

Popular
Attitudes Towards Money Can Cloud Family Business Decisions
by Claudia Binz Astrachan and Anneleen Michiels
A Family's Non-Financial Values Shape Its Sustainability Strategy
by Josh Hsueh, Alfredo De Massis, and Luis Gomez-Mejia
Supported by the Richard M Schulze Family Foundation

Supported by the Richard M Schulze Family Foundation