21April
2016
Disaster Recovery: Ask ‘What If?’

Disasters never happen at a good time. But the timing is irrelevant. What counts is that your business can recover quickly with minimal long-term effects. And that means having a disaster recovery program in place so that your company is well-positioned to respond to — and rebound from — a wide range of calamities. The issues your business may need to deal with range from persuading loyal employees to stay home if they are not needed and determining how to pay vendors if the payment system is down. Asking “what if” is the first preparation step. Answering that question allows…

21April
2016
Surprising Challenges Employers May Face

Running a business these days is increasingly complex. With employment-related claims and lawsuits on the rise, management must have a basic understanding of numerous federal, state and local laws. Here are three cases that illustrate some employer liability trends. Case #1. Giving a positive reference could cost millions. This court case, involving reference checks about a drug-addicted physician, reminds employers of the risks of recommending former employees and associates. What to Do When Asked About Former Employees? Here are some steps for employers to consider in dealing with requests for information about former employees: Get professional input. Confer with an…

21April
2016
Estate Management Checklist

Effective Estate Planning requires attention to a number of important details. The following checklist will get you started developing an estate management plan. Consult with your professional adviser after reviewing the following questions. 1. Do You Have a Will? A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children. Tip: Trust & Will One key difference between a will and a living trust is when they take effect. A will takes effect when you die. A living trust takes effect when…

07April
2016
Testing the Waters Before Jumping in

When considering a merger or acquisition, the most opportune time to find out about possible culture clashes is obviously before the deal is complete. In fact, one often-cited reason for mergers or acquisitions that fail to get off the ground is concern about potential cultural integration problems. Avoiding such costly pitfalls by conducting a cultural evaluation has become a high priority for most companies considering transactions. While other facets of due diligence focus heavily upon quantitative factors such as assets and liabilities, a cultural evaluation conducted by a professional adviser assesses more subtle qualitative factors that go into a merger…

07April
2016
Don’t Treat Your Family Business as a Royal Dynasty

Long ago, in some countries, kingdoms used to be passed to the oldest child — and often, the oldest male. While this may have had advantages in ancient monarchies, it has no place in family businesses. In the case of family-owned businesses, it is still sometimes the practice to install the oldest child, and the oldest son, as the successor CEO. Experience shows that this often leads to inefficiencies and mistakes that jeopardize the continued existence of these family businesses. An old saying, “shirtsleeves to shirtsleeves in three generations,” describes the fact that many family businesses that are passed down…