Category: Family Business / Succession

At Maxwell Locke & Ritter, our Family Office service line goes beyond traditional accounting and tax needs by offering individual clients a blend of services tailored to care for their family’s financial well­-being.  The strength of this service comes from our dedicated team with years of experience in bookkeeping, tax planning, estate planning, succession planning, portfolio accounting and all the services needed to manage a family’s finances.

If your business is looking for opportunities to make customers sit up and take notice, you might explore the possibility of you or one of your employees becoming a regular “expert” contact to the media. Within your organization, there may very well be expertise in a field that is of interest to business or trade writers.(11/23/2015)

The old adage “You can’t see the forest for the trees” means, of course, that sometimes we are too close to the situation to evaluate it properly. Business owners often find that it is helpful to get other perspectives on their business opportunities and challenges. Here are some ways to accomplish that. (10/26/2015)

Once a business is established and running smoothly, many entrepreneurs who started the business find their interest or abilities lacking. If suitable management can’t be found within the family, it may be time to look outside. Hiring an experienced leader adds credibility to a company’s image and sends a positive message to customers and employees.(10/12/2015)

In a family-owned business, it’s tempting to make decisions informally, based on notions of birth order or gut intuition. But when it comes to choosing a successor to take over the reins, slowing down and going through a formal, structured process can ensure the best choice is made. (9/28/2015)

Most family business owners dream of their children taking over the company and growing it to the next level. Making that a reality, however, is not always possible. Acknowledging, facing and discussing those challenges with your children can have long-term implications on the health of the business and the family.(9/14/2015)

It might not surprise you to learn that some of the world’s largest companies are family-owned businesses.Together, the world’s 500 largest family companies generate $6.5 trillion in sales and employ 21 million people. Nearly half are fourth generation or older.(8/31/2015)

Family businesses have the same buyout and control concerns as any small, closely held business and may have additional concerns that arise from estate planning or other family relation factors. A well-drafted shareholder agreement addressing all concerns is essential to minimize future conflict. (8/17/2015)

Running a business is difficult enough under the best circumstances. But family-owned enterprises are often complicated by an additional element – inactive family members. What can be done to mitigate problems potential problems that can arise between active and nonactive family members? (8/3/2015)

Recruiting qualified, dedicated employees is a particular challenge to family businesses and smaller closely held companies. How do you compete with larger corporations that have structured recruitment processes in place? Here are four tips. (7/20/2015)