Ownership & Leadership Transition

How a Family Council Re-engaged Owners & Benefited Management

What is a Family Council and why would owners of a family business find the effort and time to form, organize and operate one worthwhile? To explain how the Family ...

Family Owned Businesses and Our National Economy

Family-owned businesses continue to dominate our economy, but they also continue to struggle with issues of succession. SCORE, a nationwide non-profit organization that provides business mentoring, just completed a survey ...

Six Best Practices for Family Leadership

Stephen Campbell, Managing Director and Head of the North America Family Office Group at Citi Private Bank, recently authored a post about successfully navigating the generational transfer of leadership in ...

How to Survive Transition Shock in a Family Business

Otis Baskin, a consultant of the Family Business Consulting Group, recently authored a post in Family Business Magazine, reiterating the importance or preparation and planning in family business success. Mr. ...

The Family Business Constitution

Family businesses are complicated, and the roles that family members play in them usually evolve from non-planned events and circumstances. When conflicts arise in a family business, they are often ...

Governance & Business Operations

Enhancing the Family Business Through the Use of Special Funds

Just as a normal family strives to provide funding for opportunities, a family business should consider establishing funds as reserves for particular purposes. According to Ramez A. Baasiri, author of ...

Why Every Family Business Needs a Board of Directors

Most advisors recommend that a family business have and use a board of directors. In fact, the majority of closely-held corporations are formed with boards of directors, but those boards frequently ...

Five Tips for Effective Advisory Boards

If you are looking for a fresh perspective on family business matters, but not ready to be bound to follow the recommendations of outsiders, an advisory board may be the ...

How a Family Council Re-engaged Owners & Benefited Management

What is a Family Council and why would owners of a family business find the effort and time to form, organize and operate one worthwhile? To explain how the Family ...

Philanthropy and your Family Business

More and more family owned businesses, from the largest to the smallest, are engaging in philanthropy. Many family businesses use philanthropy as a way to develop and commit to fundamental ...

Estate Planning

The Importance of Planning Ahead for Succession of a Family Business with Active and Inactive Family Participants

You have spent a substantial portion of your life building or continuing a successful family business, and you have some children (or other family members) who are active in the ...

Let ILITs Pick up the Tab – Trusts That Protect Your Interest in the Family Business

It is common that one of the largest assets in a family business owner’s estate is his or her interest in the family business. This situation can be problematic because ...

This Time Is Different: You Really Do Need to Update Your Will and Durable Power of Attorney

With the advent of higher exemptions with respect to the Federal Gift, Estate, and Generation-Skipping Transfer Tax passed last December (referred to as the 2017 Tax Act), it really is ...

Don’t Leave Contaminated Real Property to Your Kids — A Toxic Legacy!

We invite your review of the linked article from Bloomberg BNA’s Environmental Due Diligence Guide Report™. There are dangers inherent in leaving your heirs real property that may have been contaminated ...

Estate Planning Strategies Driven by Interest Rates

There are a number of estate planning strategies that work well to move assets in an efficient manner from one generation to another within a family. In evaluating any such ...

Growth & Exit Strategies

Family Businesses and Tech – Leveling the Playing Field

There is a belief that family businesses are behind the curve when it comes to embracing new technology in the company structure. In a 2016 family business survey, 37 percent ...

Should a Family Business Consider an IPO as an Exit Strategy?

There are a multitude of ways to realize ownership transition–some simple, some complex, some a safe bet and some full of risks. For the ambitious, successful family-owned company that wants ...

ESOP: An Exit Strategy

One way for business owners to transition their ownership to their employees and to receive liquidity for their shares is through the creation of an employee stock ownership plan (ESOP). ...

Retirement is Coming: How to Broker Your Throne Away

We’ve all heard the chatter (or read about it in this blog). The owners of family businesses need to start thinking about their exit strategy. To put it in perspective, ...

Mezzanine Financing for Family-Owned Businesses

On June 6, 2017, Davis Wright Tremaine LLP hosted the latest edition of our Family Business Study Group, where David Levine of Prudential Capital Group and Hugh Campbell of Cascadia ...

Employment

ADA Considerations for Your Family Business

Compliance with the Americans with Disabilities Act (ADA) is a topic of concern for all businesses. All too often, we assume the ADA only applies to large employers or in ...

Employment Laws to Keep in Mind for Family Business Owners

There is often a temptation for small and mid-sized family-owned businesses to disregard employment laws, particularly when considering a family member’s employment, but those laws generally do not have an ...

She’s Right for the Job – Women in Family Business

Family businesses are increasingly encouraging women. Of family businesses surveyed, almost 60 percent have women in top management positions and over 30 percent list a female as the next successor. ...

Paid Family Leave in Washington: What You Need to Know

On July 5, 2017 Governor Jay Inslee signed into law Washington’s new paid family and medical leave measure, making Washington the fifth state to create a paid family leave program ...

What Family Businesses Should Know about Washington’s New Paid Family Medical Leave Law

On July 5, 2017, Washington State joined a handful of states mandating paid family and medical leave. The new leave program, to be funded by employer and employee premiums, will ...

Beyond Business

The “Opportunist” Mindset Every Family Business Should Have

Starting your family business is a period of excitement, chance, and perseverance. Once your business has survived this initial creation period, your business’ leadership and employees must maintain an opportunist ...

Interrupted Entrepreneurship

Each generation embraces, refines, and transforms a family business. Sometimes this cycle can be continuous, but more likely it is fraught with “interruptions.” In his new book, Interrupted Entrepreneurship, author ...

Kids and Cash: How to Develop a Plan to End Financial Dependence

What do you do when your initial generosity towards a family member has resulted in long-term financial dependence? How do you break this vicious cycle and still maintain family relationships? ...

Bringing the Heat

On June 26, 2018, Davis Wright Tremaine LLP hosted representatives of a prominent Northwest family-owned business at the latest edition of our Family Business Legacy Series. Jenni Isaak, Rick Robinson, ...

Do Well By Doing Good – Family Businesses and Philanthropy

Family business legacy planning involves many considerations, such as training, timing, and transferring of interests. Another component of this planning should entail the long-term vision of philanthropic goals for future ...
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