The Family Meeting Series: Discussion of a Shared Value – Gratitude
Gratitude – What a powerful yet simple thing in our lives; to have a mindset of gratitude – We can all benefit from a continued effort to master it. Experts have concluded that it is vital for a happy life and a healthy family. It’s a wonderful value to share within a family. In the past, I have written articles about Family Legacy Development for families with significant wealth. Family Legacy Development is vital if a family wishes to preserve…
Family Values: A Critical Component of Family Legacy Planning
There are many things to consider when families invest their time, emotions, and effort into the development, success, and sustainability of their family legacy. Please reference my previous articles: Preserving Family Wealth is a Generational Effort; Begin the Journey of Developing a Family Legacy with a Family Retreat; Family Legacy Development: The Anatomy and Importance of Family Meetings. There are many elements that contribute to the family dynamics which may help unify the family, or create roadblocks that members will…
What’s Your Purpose in Retirement?
Retirement can be an exciting milestone. It’s also a major lifestyle change. Oftentimes, your daily workday tasks (professionally or if you run your own business) will likely no longer exist. Transitioning into retirement for some is an easy process. Perhaps their profession is not their absolute passion, and they always had other pursuits and hobbies they are ready to explore once exiting from their day job. But for others, their profession or business is their passion. They put all their…
How a Business Owner Can Utilize an ESOP to Exit Their Business
One of the more challenging steps for a Business Owner in planning their exit is determining the best option for selling their business, which is often based on their personal situation, goals for the company, employees, and family members. However, one of the more tax-efficient strategies and options for the sale of the business is the Owner selling to an ESOP or an Employee Stock Ownership Plan. An ESOP is a tax-qualified retirement plan (profit sharing and/or money-purchase plan) that…
