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unHeritage – 11 Pitfalls to Family Legacy and How to Avoid Them

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“unHeritage is definitely the lighthouse for protecting your family and wealth for generations. This book is a must read for anyone interested in legacy planning.” Enzo Calamo

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Center for Family Conversations

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The Center for Family Conversations (CFC) is a resource center that provides the integral tools and ideas in helping families establish a 100-year-plus Family Legacy Plan.

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THE TYCOON PLAYBOOK – How Business Empires Are Built

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The Tycoon Playbook course was created for business families who are already running a successful business and wish to ramp up their growth while preserving wealth for future generations. Specifically, the Playbook teaches high performance business owners the two most highly rewarded skills in business, namely deal-making and how to acquire cash flow producing business assets.

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CNN Small Business News

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Oprah-approved startup raises $6.25 millionNews startup The Skimm announced a new round of funding, 1 million active readers, and plans to expa [...]

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Alternative lenders are hot -- especially among millennialsRead full story for latest details. [...]

The 2014 tax breaks you'll be able to takeCongress waited until the last minute to decide what to do with a slew of expired tax breaks. They e [...]

 

Fortune Magazine

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NBA confirms L.A. Clippers sale to ex-Microsoft CEO Steve BallmerDonald Sterling sues the NBA for damages and demands to be reinstated as owner. [...]

FBI and SEC probe into Carl Icahn and golfer Phil MickelsonAuthorities are looking into the potenial insider trading. [...]

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Zuckerberg's latest donation reawakens concerns over mixed results in NewarkFacebook founder and his wife donate $120 million to Bay Area schools, claim to have learned from pr [...]

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Reuters Economy News

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Reuters Business Video

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Post Tagged with: "Family business"

 
  • Made in Germany Deichmann A Family Business

    Made in Germany Deichmann A Family Business   In Germany the name Deichmann is synonymous with affordable footwear for the entire family. Heinz-Horst Deichmann gave up his orthopedic practice in 1956 to take over the family’s shoe business. Now Europe’s largest shoe retailer, with sales of over $6 billion in 2013, Deichmann-Schuhe SE also owns Rack Room Shoes and the Off Broadway chain in the U.S. Deichmann serves as co-chairman of the company’s administrative board, while his son Heinrich heads the company. The family doesn’t like being recognized as billionaires, because they live a relatively modest existence and think of their fortune as providing a mandate for social responsibility rather than a means for personal benefit. In addition to providing employees with generous benefits, they support various missionary and humanitarian causes including a program to help leprosy victims in India–a country Heinz-Horst has visited frequently. His social and charitable work earned him the Martin-Luther Foundation’s “Luther Rose” award.   

     
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  • The New EBITDA: Emotions Before Interest Taxes and Depreciation

    The New EBITDA: Emotions Before Interest Taxes and Depreciation

    The New EBITDA: Emotions Before Interest Taxes and Depreciation by Tom Deans, Ph.D.     Sitting in the departure lounge at LAX, I couldn’t help but overhear a conversation between an investment banker and his younger associate. I learned two things. First (and most business travelers can relate), it is amazing how cavalier people are about discussing confidential details in public places. The second confirmed something I had been thinking about family businesses for some time.   The older of the two bankers was whining about how he thought the slam-dunk deal they had just presented was now probably never going to happen. On and on he grumbled about the time he had spent running the numbers, lining up partners and generally bringing the deal to a crescendo, only to have the business owner change his mind about selling.   The investment banker was completely perplexed about why the offer, the numbers, the multiples that looked so good weren’t enough to entice the owner to do the deal of a lifetime.   It took everything I had to stop myself from leaping into the conversation and selling him a copy of Every Family’s Business (it wouldn’t have been the first time). But I exercised extraordinary restraint and settled back and listened to him talk about the clever structure of the deal, the tax that could have been saved and the instant wealth the owner would have secured if only he had been smart enough to take the deal.   Emotions are Squishy – Not the Stuff of Deal-Makers in Suits   The funny thing about listening in on a conversation is that the longer you listen the harder it is enter the conversation. So I bit my tongue and instead simply wondered how many other business brokers, M&A professionals and investment bankers expend such effort trying to bring deals to fruition only to have sellers back out. I wondered how an entire industry of intermediaries could so badly underestimate the emotional connection that owners have to their businesses, and also fail to understand how these emotions can scupper so much good work and extraordinary planning and lead the owner to ultimately destroy the business’s value.   When really bright finance experts hear the word “emotions” you can so often see their eyes roll back and the calculators shut off. Yet students of the greatest financiers of all time – deal-makers like Warren Buffett – know that these people get deals done by running the numbers and then engaging business owners in the one corner of their life where most number crunchers don’t go – their family. It is the rare rainmaker who has both the left and right brain firing on all cylinders.   Warren Buffett Buffett and other great deal-makers know that the sale of a business will typically result in a “liquidity event” that will leave owners with more wealth than they feel comfortable consuming. Most business owners accumulate wealth precisely by denying themselves consumption. Sellers will often kill deals, blaming a low bid price, […]

     
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  • Building a Family Business that Lasts

    Building a Family Business that Lasts   Dr. Joseph H. Astrachan, Executive Director of the Cox Family Enterprise Center at Kennesaw State University, speaks on on the topic of Building a Family Business That Lasts and provides viewers with four key points to walk away with. 

     
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  • A Family Wired For Perpetual Dependence by Tom Deans

    A Family Wired For Perpetual Dependence by Tom Deans

    A Family Wired For Perpetual Dependence by Tom Deans, Ph.D.     When the sale of a family business is all about a founder becoming wealthy and their children losing their jobs, you can see why so few ever put themselves in play and sell.   The CEO – the Chief Emotional Officer (Mom, and increasingly Dad) – just can’t stand to see the family pull itself apart. Killing the business with love has always felt like a better plan.   With a wave of aging business owners trying to figure out how they’ll fund their retirement, you can understand the temptation to simply throttle back on their day-to-day involvement and draw a salary while Junior runs the business until the final curtain falls.   Of course, as I’ve discussed in previous articles, with owners living longer, it’s improbable that Junior is going to hang around the business into his or her 70s, when Mom and Dad finally reach their 90s and hand over the reins of control – not operating control, I mean real control, control of the voting stock transferred when the last parent dies.   How About an Exit Where Everyone Makes Money?   But what if an advisor could frame the exit of the controlling shareholder as the day when all family members become wealthy? Far too often, death is the triggering event for the transfer of stock. Few children are offered an opportunity to risk their capital to buy the stock of their parents’ business at an early age. I recommend that when a child is 14, the parents and advisors begin the process of implanting the idea that the family business will be bought, not gifted, and that employment is different from ownership.   For a variety of reasons, the majority of parents signal that there’s no real or pressing need to recycle dollars in the family: “Hang around long enough, Junior, and all this will be yours – for free.”   Of course we know that nothing is ever really free and that while the ownership question is left hanging, there are as many underpaid children working in family businesses, as there are overpaid children. My experience on the speaking circuit is that few overpaid children ever risk their capital to buy out their parents. Why derail the gravy train? Parents who use their business to purchase and control family harmony do more harm than good and always pay the greatest price of all – a family wired for perpetual dependence.   Family Business Math   The dysfunction around the issue of compensation percolates and festers because the stakes have always been high. When Junior complains about low wages, some parents simply say, “If you don’t like what you’re paid, leave.” Emotionally and financially, it’s never been easy for a child to quit a parent’s business.   Child Quitting Over Compensation + Aging Business Owner = Less Inheritance For Junior.  You can see how family business math becomes really interesting when only one child working in […]

     
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  • Lugen Family Office 2013 Speaker of the Year Award Winner – Tom Deans

    Lugen Family Office 2013 Speaker of the Year Award Winner – Tom Deans

    Tom Deans Understands Family Business Relationships Lugen Family Office is proud to select Tom Deans as the LFO 2013 Speaker of the Year Award Winner! Congrats Tom and keep up the great work.   Dr. Thomas William Deans is the author of the all-time best-selling family business book, Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth.   He now speaks on the international lecture circuit full time. Having delivered more than 500 speeches, he has built a reputation as a thought leader on the subject of intergenerational wealth transfer.   His lectures and books argue that family has emerged as the greatest economic driver of all time. But the question remains: How can wealth be transferred successfully without destroying the recipient and the wealth itself?   It is a question for the times, as the greatest generation of wealth creators move toward death in record numbers. Deans explores the idea that communication is crucial to the success of that transfer, and indeed to the success of individuals, families and communities.   The idea to write Willing Wisdom came from Tom watching his mother’s parents die. One death – his grandfather’s – was comparatively quick. His grandmother’s was a long and slow ten-year decline. Despite the significant wealth his grandparents left for family and charity, it is the conversations they shared that Tom thought about the most many years later. In the end, when it came down to their last breaths, only the care provided by Tom’s parents, not money or even the promise of money, could purchase the dignified death each experienced.   Tom is not sure when he first became curious about why our culture has lost its inquisitiveness about death and dying, but he does know, having delivered his keynote speech on transitioning family wealth to tens of thousands of people around the world, that this trend is worsening.   We live in a culture that is in awe of wealth and all that it can provide. We also live in a culture that finds it difficult to talk about and contemplate death. The two are inextricably connected.   Tom starts conversations, but rarely does he finish them, leaving that to readers and their families, friends and trusted advisors.   Willing Wisdom represents a return to the subject of his doctoral research, conducted in the US, Canada and the UK and first published in Charities and Government by Manchester University Press.   Tom lives in a forest in the beautiful Hockley Valley in Ontario, Canada, with his wife, two children and five dogs.   To Book Tom Deans as Your Keynote Speaker, Click here.

     
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  • Lessons In Leadership – Episode 2 – Family Businesses

    Lessons In Leadership – Episode 2 – Family Businesses   When it comes to family-run businesses, there’s a common saying that the first generation creates a business, the second builds it and the third squanders it away. Is there any truth to that? Bloomberg TV India’s Mini Menon discusses how best family run businesses survive generations as she speaks to Professor John Davis, Senior Lecturer of Business Administration, Harvard Business School on Lessons In Leadership.  

     
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  • Ivan Lansberg on “Ambidextrous Leadership”

    Ivan Lansberg on “Ambidextrous Leadership”     Ivan Lansberg contends that effective leadership of a family enterprise requires a skill set which has not been adequately described in the business literature.     More specifically, he notes that leaders in a family enterprise are required to attend to the leadership needs of both the enterprise and the family. The enterprise needs the leader to lead, for example, the process of succession, while the family needs the leader to lead, for example, the nurturing and development of the next generation, the support of elderly parents, and the planning of family events. Most leaders are better at leading either the enterprise or the family, but few are naturally inclined in both areas. Lansberg calls for family enterprise leaders to become “ambidextrous leaders” — to build their skills in both arenas. This can allow the family enterprise to take advantage of the paradoxes of a family enterprise and turn these potentially confounding ambiguities into strategic advantages.  

     
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  • An Interview with Giuseppe Santoni of Santoni Footwear

    An Interview with Giuseppe Santoni of Santoni Footwear   Forbes Style Director Joseph DeAcetis interviews Guiseppe Santoni, CEO of Italian Luxury and Eco Friendly Footwear brand Santoni.

     
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The #1 Philanthropist Newswire For Leaving A Legacy From The Heart. Check out the latest trends in philanthropy today with over 1,100 posts. Also. learn why some of the greatest philanthropists in history believe in gratitude and giving!

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Reuters Wealth News

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