September 23, 2020
Thanksgiving is a day of gratitude, an opportunity to be with family. So on this family day, it’s somewhat fitting to have this post about family businesses. If you are, or have any inclination to be, in business with a family member, there is a secret to ensuring its success. Some firms have been family-owned for thousands of years. Others have turned into major corporations. What will yours turn into? A thriving dynasty? Or a cesspool of squabbling? As reported in CNNMoney.com (thanks to Investors Business Daily), although family-owned businesses represent about 85 percent of companies in the U.S., only about 12 percent survive to the third generation. Looked at another way, 88 percent of 85 percent of companies in this country either go out of business altogether or fail to stay within the family. That’s a huge percentage. So what’s the secret to getting along? Having a succession plan. Not such an exciting secret, perhaps, but fewer than 70 percent of all family-owned companies have one, according to the article. A succession plan brings…
Continue ReadingListen to the Episode Below: Your business numbers can seem like a foreign language. Sure, they’re speaking to you—all the time!—but do you understand what they’re saying? How can you learn to communicate with this…
Read MoreI finally finished Z. Christopher Mercer’s book, Buy/Sell Agreements: Ticking Time Bombs or Reasonable Resolutions? Through no fault of Mercer’s, a number of things got in the way (work projects, travel schedule, the need to tune out/take…
Read MoreListen to the Episode Below: Karen Jackson is a prime example that—yes—you can build to sell a consulting business. But it takes a clear resolve to “begin with the end in mind.” In this interview,…
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I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.
With wide-ranging experience as a business attorney, strategist, and media authority, I bring the added power of a business lens to the legal issues my clients are facing.
And because I’ve been a business owner myself, I’ve lived through the soaring highs and devastating lows – like when my first law firm failed. So I understand what’s involved to serve great clients, detect business risks early and build a true legacy.
I can’t get those 12 years back. That’s why I have made it my mission to ensure that business professionals like you can become wise and discerning leaders, build a solid business, and live your best life.
