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There's no more appropriate name
As soon as you die, the feds demand nearly half or more of everything you have. Like it or not – it's a tax for dying. On the other hand, you could call it a living tax that is paid when you die. Just think, if your house is valued at more than $1 million, you'll owe the feds 55 percent of everything else!
Is Your Company Committed to Their Long Standing Traditions?
Are you a second or even third generation business owner? The generations before you made the sacrifices and did whatever was necessary to build the fundamentals of the business you are running today. Have the traditions, ideals, and values your business was built on survived the passing of the baton? Many companies have discarded these fundamentals as a cost cutting measure or because they seem antiquated. These traditions were the basis for the growth and survival of the “family business” yet they wind up on the committee “cutting room floor”. Nothing is more apparent than changes made to the core values of employee and customer satisfaction.

Family Businesses Face Unique Challenges: What Makes Them Different?
In matters of cash flow and marketing, a family-owned or closely-held business is the same as any other small business. But family-owned and closely held businesses also they have significant differences, especially when it comes time to talk about retirement, resale, or transitioning the business to the next generation. Here were some key points noted by the Family Business Institute on what makes family-owned businesses different:
How Do I Fire My Son Toby? My Wife Won’t Allow It
"I love Toby. He's my oldest son, he's Vice President of Sales but he just doesn't get it. My daughter should be running this business, she's brilliant but she's married to a surgeon and doesn't want anything to do with wholesale distribution. She's quite happy with all the charity work she is involved in. My youngest son has potential but he's only twenty two and just isn't ready to take over a 0 million dollar distribution business. Two events have occurred recently that are wearing on me a little. First, I transferred 75% of my stock equally to my three kids, 25% each. All three receive a salary although my daughter rarely appears at the office due to her charity work. The second event occurred after I hired a succession consultant to help me transition into retirement. He told me that Toby was incompetetent.
The Man Who Made Sony: The Early Years of Akio Morita
He turned what was once a small bombed-out department store in Tokyo into the world’s most successful consumer electronics company. Not only that but Akio Morita, co-founder of the Sony Corporation, was also one of the few entrepreneurs that helped Japan’s economy recover in the aftermath of World War II. Today, more than half a century after the company’s initial inception, and with Morita at the helm until his only recent departure, Sony remains one of the world’s largest media conglomerates, with over 158,000 employees worldwide and revenues in excess of $63 billion.

The Father of Chewing Gum: The Early Years of William Wrigley Jr.
William Wrigley Jr. was just 29 years old when he used his life savings of $32 to start up his own soap manufacturing business. After experimenting with selling both soap and baking powder, Wrigley Jr. finally found his niche in chewing gum. He did not invent it, but he did go on to build the top chewing gum manufacturer in the world, bringing it for the first time to the masses, first in America and then around the world.
Succession or Termination in the Family Business
Succession Planning is often like riding a Roller Coaster Selecting one child over another to become President and run the business will likely be the most difficult decision you will ever have to make as the owner. There will be ups and downs in the process. However, before you come to the conclusion that you are actually going to hand Aunt Lilly or your son the Presidency, you must be sure that you have exhausted every possible option and scenario imaginable to ensure the future success of the business.

Lesson #5: Be determined to prove people wrong
Mallya never wanted to go into business. He wanted to be a doctor and follow in his grandfather’s footsteps. But when his father put his foot down and insisted he follow in his own footsteps and take over the family business, Mallya was left with little choice.

If You’re Serious About Improving Your Cash Flow . . . .
Here are 10 pointers on how to make a dramatic (positive) difference in your businesses cash flow.

How To Choose The Right Structure for Your Business
In recent years the LLC has become the darling of entrepreneurs and small businesses around the country. But the LLC is not always the best choice. Sometimes a Subchapter S corporation or another structure is preferable. This article helps you choose the right structure for your new business
In Business to Sell Shoplifted Items
Shoplifting along with employee theft has become big business. In a number of cases, storefronts have been set up for the sole purpose of reselling shoplifted items for huge profits. In other cases shoplifters as well as grocery store employees have made arrangements with unscrupulous restaurants to supply them with stolen merchandise, primarily meat products for a cut rate price. Meanwhile other shoplifters have gone into business for themselves selling a variety of shoplifted items on one of the many online auction sites.
Do Cheap Bookkeepers Save Money?
As with any service today, there's always potential clients surfing the internet to find the cheapest bookkeeper. The short answer is that the cheapest bookkeeper is probably one who is straight out of college and has got a piece of paper to say that they can do bookkeeping. The cheapest bookkeeper may have recently completed a MYOB, Quickbooks or other accounting software course. But are they ready to start their own bookkeeping business, and more importantly would you feel comfortable exposing all your financial to their level of inexperience?
Getting Your Kids Involved In Your Direct Sales Business
Direct sales are one of the classic and simplest forms of business. The great thing about direct selling is that it is one of the most profitable and most flexible business models, allowing parents to spend more time with the family. Another point is that with direct selling, parents can open up to the option of exposing their children to their business, so they gain a better understanding of how the family's finances work.
10 Strategies for Connecting
Strategies to help you meet the people you’d like to meet that could make things happen for you and your business. How you can go about meeting them to make a good impression.
Don't settle, find a job you love!
Are you happy where you are career wise? Do you genuinely enjoy the work you do? Many people express their unhappiness at their current job, but very little spend the time researching why. Do you enjoy what you do but maybe not the environment or people you surround yourself by? Or, do you wake up day in and out dreading the day and work ahead? Once you determine the source of your unhappiness you can create a plan to move forward.
Eight Essential Qualities of Passionate, Powerful and Proven Leaders, According To Your Strategic Thinking Business Coach
The term leader is used and dare I say misused quite often in our society today. Leaders are mentioned in the context of community; family; business; church, local, state and federal government; an organization; or some other institution or group. But how many of those mentioned as leaders really possess the essential qualities of a passionate, powerful and proven leader? In order to determine the answer to that question, Your Strategic Thinking Business Coach believes one needs to define the term leader by listing the attributes or qualities necessary to earn the title of leader. Here is a list of eight essential qualities that I believe define a passionate, powerful and proven leader.

Buying A Business - Spousal/Partner Buy-In Is a Must!
So many of our clients are displaced executives. They've worked all their lives at a job within a career. It provided security for their families and, hopefully, a sense of accomplishment for themselves. But now it's changed. There are no jobs. You are deeply considering your own business. Don't assume you can just start a search. Here are some thoughts on why and how your spouse or significant others' buy-in to your dream isn't just significant but it is drop dead critical!
Inhibitors to Success: Education
The third critical factor that prevents some borrowers from sustaining a successful business is lack of education. Most borrowers of microfinance are incurring debt and operating a business for the first time.
Chaibia Sabil's Story
Chaibia is a client of Foundation Zakoura, a Grameen Foundation Growth Guarantee recipient.

Article # 56 Should I Give My Child An Allowance?
Let's see should I give my child an allowance? How old is the child? Does he or she know how to read and write yet? Toddlers of course do not get an allowance. Ten year olds should clean their rooms without an allowance. If you are old enough to get a paper route then the situation changes. But to answer the question: Should I give my child an allowance? Here is my take on it.

Entrepreneurs: Where Do You And Your Business Stand?
In-depth questionnaire for entrepreneurs and small business owners, regarding how their business is doing right now. Checklist then provides suggestions for fixing issues

Other family business Related Articles

Top 10 Ways Your Family Can Help Your Home Business Succeed
While some home business owners hire family to help their business succeed, some do it for tax benefits. No matter the reason, employing family to help your business has many advantages. If you do hire your family, there are some aspects to consider.
The Pitfalls of Being In Business With Family Members
Working with family members can be a very tricky task. This happens when you mix personal relationships with work relationships. There are all types of problems that arise with family business relationships: marriages, divorce, battles about the job, control over shares, and decision making issues. The business can actually be at risk for possible losses if the family members are no able to get along.
Entrepreneurs – You’ve Decided To Build Your Business In Your Spare Time – What’s Your Plan?
You’ve got a great business idea, and are keen to get started on your new business, BUT you’ve also got a family, mortgage and other commitments. How do you get your new business running but still pay the bills and see the family and friends?
Lesson #4: “You put out a lot of buckshot, you’re going to strike one.”
Married with ten children, Foreman is unarguably a big family man. As it turns out, one of his greatest business inspirations also happens to be right from within his own family.

Family Businesses Face Unique Challenges: What Makes Them Different?
In matters of cash flow and marketing, a family-owned or closely-held business is the same as any other small business. But family-owned and closely held businesses also they have significant differences, especially when it comes time to talk about retirement, resale, or transitioning the business to the next generation. Here were some key points noted by the Family Business Institute on what makes family-owned businesses different:
The Gift Of Receiving
Every family has one. That one person who shoulders all the family burdens, keeps the family secrets and cleans up the family messes. The one who is everyone’s sounding board and shoulder to cry on. The one who remembers all the holidays, birthdays and anniversaries. The one around whom the family always gathers. In my family, it’s my grandma. She has been the rock in my family for as long as anyone can remember.
Love, Health and Harmony
Few things in life are more important than your family. Yet few challenges in life seem as great as keeping your family together. However, you can experience close, healthy relationships with your family!
Feelings of Entitlement
It is difficult for most kids who are working in the family business to not have some feelings of entitlement. After all, the main reason most entrepreneurs’ start their own business is to provide for their families. Once that is secure, thoughts of creating a legacy and passing the business from generation to generation become a natural progression for most founders, even though statistics show that business failure is alarming in second and third generation leadership. In fact, The Family Business Institute reports that only 12% of family businesses survive the third generation. Feelings of entitlement are not necessarily a bad thing. It’s the attitude of the owner’s child that really matters.
Setting Goals for your Home Based Business
You have left your regular full-life time job to spend time with your family, and start a business of your own. As a work at home you will face many challenges as you struggle to juggle between your business goals and family life. You need to make sure that you don’t end up spending too much time with your family and neglect your work, or vice versa.

51 Ways Your Business Can Pay You
With a tremendous number of tax favored ways your company can pay you, you’ll want to decide which ones help your family and business most. Best news, you can make changes that fit your changing lifestyle & business, adding selections as your family and business grow.
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