Special Issue: Family Firms and the Law

June 17, 2024 - Issue #120

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) 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 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 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 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 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 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 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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How to Boost Your Board's Performance

Popular Topics

Money

Financing, revenue, profits

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Staffing, succession, relationships

Manage

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Grow

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Strategy

Making better decisions

Operations

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Recent

Separate Family Offices Can Minimize Money Problems

by Kimberly Eddleston / Interviews

It can be dangerous to ask executive assistants or your CFO to manage your personal finances. A separate staff of calm professionals will help both business and family manage money responsibly. Read more...

Women Encourage Candor at Family Businesses

by Kristen Shanine and Kristen Madison / Research Insight

A conversation orientation in the family carries over to the business -- especially for women, who are increasingly becoming the family firm's Read more...

Family Firms Must Address Mental Health Challenges

by Andrew Keyt / Commentary

Anxiety, depression, and other challenges disrupt business operations and strain relationships. Ignoring them won’t make them go away. Read more...

Involve Next-Gens in Developing Your Social Media Policy

by Claudia Binz Astrachan, Tom Rüsen, and Rebecca DeYarman / Practice Insight

Consider a social media policy as a relatively “low-hanging fruit” to introduce the next generation to family governance work. Read more...

by Joseph Astrachan and Claudia Binz Astrachan

Retirement Options and their Consequences for Small Business Owners

by Valeria Alterman and Ariane Froidevaux

The Biggest Mistakes Family Businesses Make With Their Boards

by Kimberly Eddleston

Employees With Toxic Traits Can Still Be An Asset at Family Firms