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 mindset to ensure further success. Resting on one’s past success is not an option. An opportunist is someone who makes full use of his o… Continue Reading
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 and multigenerational family business owner, Ramez A. Baasiri, discusses generational interruptions and how to address them. Ac… Continue Reading
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? This is a very tricky area and a common challenge for affluent families.
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, and Rush Riese were on hand to discuss their family-owned business – the diversified manufacturing company, Hotstart, Inc. This fourth generation f… Continue Reading
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 the generations. In 2015 eighty-one percent of the largest family businesses performed philanthropic endeavors, likely und… Continue Reading
Hotstart was established in Spokane, Washington in 1942 as Kimberlin Manufacturing, the company was originally owned and managed by Wayne Kimberlin, a former school bus driver who developed a unique electric engine heater for school buses. Kimberlin bought the original patent for coolant heating from GE and started making engine heaters to improve col… Continue Reading
The ownership of firearms has been a topic of much debate and scrutiny in recent months. As a part of this national conversation, it is important for gun owners (and their fiduciaries) to generally understand the applicable legal regulations pertaining to the transfer of a firearm triggered by the death of the owner, and how to appropriately execute such tr… Continue Reading
This February, Davis Wright Tremaine has hosted two family business events featuring prominent Seattle-based family businesses.
On February 6th, Harbor Wholesale Foods was featured at a family business legacy series. Mike and Justin Erickson joined us to discuss how achieving shared family goals has been instrumental to the success of their family bu… Continue Reading
Congratulations to the Joshua Green Corporation for winning the Heritage/Legacy Award at the 2017 Washington Family Business Awards on December 7, 2017. Davis Wright Tremaine has had the privilege of representing the Joshua Green Corporation for decades as the family business has grown and diversified.
Before a sold out crowd of family businesses and t… Continue Reading
What are the opportunities and pitfalls with leadership succession in a family business?
Join Mike Henningsen Jr., President & Chairman of the Board; Paul Henningsen, Chief Operating Officer; Tony Lucarelli, Executive Vice President Sales & Marketing; and Pat Green, board member and estate and business planning lawyer, to discuss successfu… Continue Reading
The current, 24th edition of The Best Lawyers in America (2018) is compiled from detailed, confidential evaluations of lawyers by other lawyers. Based on those surveys, Best Lawyers designates a single “Lawyer of the Year” in each of several high-profile specialties in major legal markets. One attorney is given the honor in each practice, in each mar… Continue Reading
The U.S. Supreme Court temporarily approved the latest form of travel ban from the Trump administration with exemptions for certain legitimate business connections and certain family relationships. Family businesses with international ties to the six primarily-Muslim countries affected by the ban should plan ahead in order to minimize any adverse e… Continue Reading
There is a big difference between – on the one hand – owning stock in a private company that is worth a great deal and – on the other hand – having a great deal of money you can actually spend.
On any number of occasions in the lifecycle of a family business, it would be best for all involved if one or more family members could convert their ownership interest … Continue Reading
Meridian Capital LLC recently hosted, “No Longer Just a Matter of Taste: Strategic Innovation in the Food Industry,” a panel discussion featuring some of the Pacific Northwest’s most innovative food brands. The panelists included:
Manny Chao, Co-Founder and CEO of Georgetown Brewing: The namesake of the iconic Manny’s Pale Ale, Manny has … Continue Reading
On Tuesday May 16th, 2017, Davis Wright Tremaine will host a Family Business Legacy Series featuring Mike Garvey and Rene’ Ancinas.
Perhaps the greatest challenge a family business faces is the successful transition of ownership and management to the next generation.
Many business owners are unwilling or ill equipped to address the elephant in th… Continue Reading
PwC, one of the “Big Four” accounting firms and a consulting titan, released its latest periodic survey of United States family businesses. PwC performs this survey every two years and has been doing it for ten years now. Because of its size and scope, PwC has the perspective to touch more United States family businesses than most organizations con… Continue Reading
As we launch full steam into the first quarter of 2017, there are several opportunities to reflect on the successes, failures and more memorable moments of the family business community in 2016. There are also several opportunities to appreciate that – particularly in the ecosystem of family businesses – 2016 was just another year, with many of the sam… Continue Reading
Owners of family businesses are often looking to support charitable causes, while also seeking to obtain the most tax efficient outcome from such donations. Generally, a charitable contribution of appreciated property allows a donor to deduct the value of property without having to report the inherent appreciation as income. Many recognize this a… Continue Reading
The latest from the Harvard Business Review’s ongoing inquiry into family businesses has yielded a surprising result. Research recently published in the Academy of Management Journal indicates that family businesses actually tend to be more innovative than their counterparts. Many of us tend to attribute to family businesses the virtues of tra… Continue Reading
You may have thought the big story for Friday, January 20, 2017 was the inauguration of our forty-fifth president. But for those of us in the family business community in the Pacific Northwest, the Puget Sound Business Journal gave us something else to focus on – the PSBJ’s first-ever Family Business Report.
In many respects, the Family Business Report … Continue Reading
What does it take for a business to survive 110 years? Founded in Portland, Oregon in 1907, Leupold & Stevens, Inc. is a fifth-generation, family owned company that has held a lasting family legacy for over a century. It began as a repairer of survey equipment but now, operating from its headquarters in Beaverton, Oregon, is one of the leading suppliers o… Continue Reading
One key advantage of participating in a family-owned business is the ability to support community activities that are consistent with a family’s culture and moral ethic. That is not to say that a family can not have support more than one organization or different types of charitable activities.
A recent Seattle Times column by Nicole Brodeur highligh… Continue Reading
Many family offices and established family businesses have a great deal invested in real estate. For some, these are active investments involving development, construction and sale. For others, these are either residential properties in use or commercial properties held for the long term. In any event, while the real estate markets have been str… Continue Reading
Raise them in the family business, according to one study cited by Onstartups, which found that 48% of entrepreneurs grew up in a family business.
… Continue Reading
Some become entrepreneurs because they’ve seen family members do so successfully. Some don’t so much choose entrepr