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.
A new study shows that insiders see ambition, innovation, and complexity, but outsiders see tradition. Bridging that divide is key to future success. Read more...
Set boundaries clearly and often, understand your own hot buttons, and be genuinely curious about why the other side thinks the way they do. Read more...
Should longevity always be the goal? And if so, what exactly should endure—the operating company, a particular business model, or the family enterprise system itself? Read more...
Family firms often enjoy strong consumer goodwill, until they engage in deliberate misconduct -- when higher expectations can produce deeper disappointment and sharper backlash. Read more...
Editorial offices located at St Thomas University
Supported by the Richard M Schulze Family Foundation