It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial contributions to both employment figures and the gross domestic product. If you own a family business, one important issue to address
At some point, we all must hang up our hard hats. But what will happen to your construction company when you retire? Or when you simply can’t work for an extended period, because of illness or injury? Having a succession plan
Of the many afflictions that can impede a nonprofit organization’s growth, one of the more deadly is “Founder’s Syndrome.” This occurs when a single individual — typically the founder, executive director or other long-term leader — wields a disproportionate amount
Every nonprofit organization needs a comprehensive succession plan to ensure smooth leadership transitions. Here are five tips for making a written plan successful: Look within. It’s important to develop employees who can move up the ladder when an executive director
Contrary to what many believe, it’s legal — and in some cases, necessary — to compensate nonprofit board members. For example, paying compensation can help attract well-known business leaders or people with specialized expertise. It might also be appropriate if
The IRS’s reasonable compensation rule may sometimes seem like an obstacle to attracting and retaining qualified nonprofit executives. Although the rule is intended to prevent “private inurement” or “excess benefits,” it ultimately restricts what you can offer a candidate. Of
When it comes to succession plans, construction company owners often focus on when they intend to leave the business or who will replace them. But, remember, numbers play an important role as well — particularly if you intend to sell
Most business owners spend a lifetime building their business. And when it comes to succession, they face the difficult decision of whether to sell, dissolve or transfer the business to family members (or a non-family successor). Many complicated issues are