A popular national business magazine recently reported that “the late Richard Simplot’s 24% voting stake in Boise’s J.R. Simplot Co., started by billionaire dad J.R. Simplot, is worth only $54,450…
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When selling a family business, one of the single greatest expenses will be taxes. That’s why careful planning is so important. Now, because of a new law that quietly took…
DO YOU REALLY KNOW WHAT YOU’RE GETTING INTO? Someone you love has named you the executor of their estate in their will. Aside from feeling pleased that they respected your…
Once upon a time, family business patriarchs had it easy when it came to deciding who would take over the family business. Centuries-old customs required that the eldest son “regardless…
In addition, private closely-held companies have enjoyed a period of sustained prosperity since the 1980s. A generally favorable economy, combined with declining interest rates, has enabled hundreds of thousands of…
It’s derisively called the death tax, the vulture tax, the survivor’s tax, the exit tax, or the departure tax. But the federal estate tax is no laughing matter. For many…
When Bob Steadman started his manufacturing business 22 years ago, he had never heard of mission statements. However, from the beginning he operated his company with a few simple guiding…
The stock market wasn’t the only thing that crashed on “Black Monday,” October 19, 1987. The Phillips siblings (real case, fake name) remember the day all too well. On this…
The children’s game of tug of war loses its charm when it is played verbally by adult siblings in a family business over a conference table. As adults, the rope…
Henry James Pillows, our mythical family business owner, has celebrated his 75th birthday and has decided “mandatory retirement or not, I’m leaving.” His four children, all of whom work in the…