Does this sound familiar? Dad's still in the business and you, as the son or daughter, hope to someday run the company. Do you wonder if dad will ever pass the torch? Will he ever treat you like the next president or will he always look at you like you have melted chocolate on your face? In moments of frustration, do you wish you could fire your mother? Your brother?

Ah, Family Business.

Working in a family business is very rewarding and offers the advantage of working closely with those you admire and love. It's also very satisfying to see the family business succeed. However, these advantages can also bring stress and strain to your family relationships. For example, saying "no" to the boss could be saying "no" to your father or your spouse.

This is where succession planning comes into play. More than ever, family-owned businesses are approaching this critical transition stage and most are unprepared. Studies show that only three out of ten family businesses last into the second generation and only one out of ten last into the third generation.
Family-owned businesses account for nearly 60% of the Gross National Product and are responsible for half of all new jobs created in the United States. Yet, two-thirds of family businesses do not survive the first generation. Three-quarters will not make it past the second generation.

At Smith & Gesteland, LLP our role is not to be merely spectators, but participants and partners in the challenges that you face in running your business. We admire and respect our family business clients and deeply appreciate their unique needs. Our Family Business Services Group focuses on helping you overcome the unique challenges that confront you as a family business member.

For additional information, send us an e-mail to Neil Fauerbach


Services provided to family businesses:

Ownership

• Estate, tax and retirement planning
• Implementing an appropriate buy/sell agreement
• Conducting a business valuation
• Developing succession planning and ownership transfer processes
• Tax planning techniques to maximize value and minimize tax liabilities
• Financial planning assistance

 
Management

• Defining roles and responsibilities
• Strategic planning for the unique needs that challenge family businesses
• Planning for the future transition of management and smooth succession
• Defining a leadership and management development process
• Management team training and development

Family

• Facilitating family meetings to agree upon goals, values and priorities
• Developing employment compensation policies for family and non-family staff
• Conflict management, negotiation and problem solving skills
• Improving interpersonal communication
• Establishing a governance structure
• Defining a common vision for the organization

Family Business resource guides

Family Business Resource Kit
The Family Business Resource Kit contains informative articles and excerpts on family business issues, offering family business members practical suggestions and ideas in which to draw upon.

UW - Family Business Center
The University of Wisconsin-Madison Family Business Center is a membership organization comprised of a select number of Wisconsin family-owned companies. Smith & Gesteland worked with the University of Wisconsin - Madison to develop the Center. We saw the need to address the myriad of complex issues that are faced by today's family businesses.

The Center is a learning community for families and professionals committed to the growth and perpetuation of family enterprise. Today, Smith & Gesteland is one of Founding Sponsors of the UW - Family Business Center. Visit their website HERE.

To learn more about the UW-Madison Family Business Center and how you could benefit as a member, please contact us at .(JavaScript must be enabled to view this email address)