XPX – Philadelphia event – June 1
Wednesday, June 1 at the Pyramid Club, Philadelphia XPX – Philadelphia will have a breakfast meeting on “The Next Generation in Family Business”. Panelists Frederick Lipman and Nancy Drozdow will discuss their experiences with family business exit planning involving the next generation.
Every Family’s Business by Tom Deans
a process…that keeps the family members in the business focused on the goal of selling the business at some point–selling the business at the highest price to the highest bidder, giving preference to cash and without prejudice to whether the buyer is family or an unrelated third party. The stock of the business must always be understood to be for sale. Sale of the stock takes primacy over any consideration of family employment. And family employment will not alter or distort the value assigned to the stock.
What if you knew?
“What would you do if you, as the business owner, had six months’ notice that you had to sell immediately (maybe because you were going to die?)?” What a great perspective! (aside from the dying part…)
November 10th in New Haven, CT – Shifting Sands – How Families Transition through the Selling of a Business
Amy, Scott and Gretchen together will discuss the differences between running an operating business and a family office, or family investment vehicle, and how to effectively structure and manage a family office to maintain control.
family business – a different approach
Part of what makes a family businesses unique could be that they simply have a different set of priorities. While many companies place ahigh value on growth and current profits, family businesses consider other values of high importance. For example, many family businesses consider the value of the family business to the fiber of the family. This business can serve as a source of employment for family members andit can serve as a means of keeping the family connected.
family business and a joke
An owner walks up to his son and says, “Son, I’ve been thinking, I’d like to give you half of this company. I’d like you to learn the business starting on the plant floor with production.” Son says,” Dad, that’s not really interesting to me.” Father says, “OK, son, work in the office with me and learn finance, sales and marketing.” Son replies, “That doesn’t sound very appealing.” The father, frustrated, then said, “Well, what do you suggest, son?” The son replies, “Why don’t you just buy out my half?”
The Role of Financial Executives in Exit Planning for Business Owners
The Role of Financial Executives in Exit Planning for Business Owners
Reading List: Sustaining the Family Business by Marshall B. Paisner
This is an enlightening read for anyone interested in this large segment of American business and why it is a viable exit strategy when done correctly.
Three Must-Haves for Business Owners
More than 2/3 of business owners did not have an exit plan for their business.
Reading List: Vanity Fair, “The Inheritance”
New York Times ownership – “America is not kind to the heir. He tends to be depicted as weak, pampered, flawed, a diluted strain of the hardy founding stock”. The second is that, following many disastrous decisions, while many people hope Sulzberger succeeds, few think he will.
