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Articles : Business Planning |
Large companies use internal experts and consultants to ensure important
issues are addressed. For financial matters a CFO, controller, VP finance,
audit department, and outside accounting firm are utilized. For legal and
risk issues, larger companies use in house counsel, risk management
department, human resources, and a retained law firm. In addition to
experts, an outside board of directors, comprised of seasoned leaders of
other businesses, offer guidance and stewardship.
 A private business is often the foundation of family wealth. Private family
businesses generally do not employ the layers of experts available to large
companies. With so much riding on the knowledge of family members who wear
multiple hats, WPG serves as a consulting and advisory resource suited to
the dynamics of private companies.
Business owners are often focused on the day to day responsibilities of
operating the business, and planning may not be addressed until a catalyst such
as a health problem, divorce, or dispute occurs. After an event has
occurred, fewer favorable options are available. |
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Business Succession Considerations |
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Incapacity or death of senior owner/management would have what impact on the
future of the business? Would the key employees stay on? What is the estate
tax implication on the business to the surviving heirs? How does one deal
with various heirs of differing skills and needs? Who will operate the
business? Can multiple heirs, each with a minority ownership, cooperate? |
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House rich, but cash
poor? |
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For many senior homeowners, the prospect of living a longer life only
gets better with each new advancement in medicine. But these medical
"miracles" don't come cheap, and the rising costs of institutional health
care exceed even the most aggressive inflation estimates.
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Restrictive Covenants and Key Employees |
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Balancing the employer need for restrictive employment contracts with
employee rights and enforceability. Oftentimes family owned
businesses will rely heavily on employees and managers to deliver client
services in such a way as to develop loyalty and continued patronage.
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Impact of Litigation on Small Business |
 Most
companies used business assets to pay the damages. However,
in the case of employee complaints, insurance covered some
of the damages. Owners mentioned that the payment of
damages nearly put them out of business, which affected them
for a long period of time as they worked to rebuild the
business and recoup their losses. |
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While sitting at a traffic light
waiting for the green light, you are slammed from the rear by a
drunk driver who never saw you and didn't even attempt to stop.
Clearly, you are an innocent victim with no fault in the accident.
