December 29, 2008
The success of many closely held businesses is dependent on their key employees. These employees may not be family members
and probably will never be owners of the business. Nevertheless, their efforts help increase the value of the business.
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December 31, 2007
No one is immortal, of course. When you are no longer able to do so, who will preserve your business and protect your family
as you do today? There are two interrelated aspects to this simple question: Who will manage the business and who will be
trustee of any trusts you may create for your family? A critical element of family businesssuccession planning is the selection
and training of the next generation of managers. Can more than one child serve...
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August 27, 2007
Most owners of a family business have one class of common, voting stock. One challenge faced by these owners is how to divide
the stock among their children, who may have very different personal circumstances. It may not make sense to give each child
the same stock. Suppose, for example, that you have three children: Your daughter is active in the business and is married
with two young children. Unfortunately, her marriage is troubled and a divorce is not out...
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April 30, 2007
If you have at least one child working with you in the family business, it is virtually inevitable that conflicts among your
children will arise at your incapacity or death. You may have a "business child" and a "non-business child." So long as you
are alive and well, you can resolve any conflicts between them. But what happens when you become incapacitated or die? Sibling
rivalry can not only destroy what you have worked so hard to build, but it...
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July 31, 2006
Many family-business owners have children who work with them in the business as well as children who do not. The challenge
they face is simply put: How can they treat fairly those children who will not inherit the business? There may not be enough
non-business assets to give to the children who don't work in the business. Life insurance, payable to the non-business children,
is sometimes suggested, if the business owner is insurable and the premiums are affordable. Some estate...
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April 24, 2006
The incident drove home the importance of disaster planning. When the storm struck at 10 p.m. that Sunday, who was prepared
for the emergency? Employees were told not to come in the next morning, but how would they do their jobs? What files could
be retrieved? Would computer systems work on Monday and later that week? What would happen to incoming and outgoing telephone
and e-mail messages? The questions and potential problems were endless. Each owner of a family business...
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September 26, 2005
The recent news from New Orleans and Mississippi points out the need for family businesses to have disasterrecovery plans.
Fortunately, we have little in Indiana to worry about from hurricanes, but other disasters are not uncommon. Consider the
possi ble catastrophes that might strike your business. What have you done to protect the business against the consequences?
Business-continuation and other insurance can mitigate the consequences of a wholesale destruction of your business facilities
after a tornado or other natural disaster....
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February 28, 2005
Many family business owners view their lawyer as a necessary evil. It's almost as though we carry some deadly disease; call
your lawyer only when the life of your business depends on it! But just as physicians have learned to control smallpox with
small doses of vac cine, administered over time, the owners of a family business can also use regular doses of lawyers and
other advisers to minimize the risks of the many problems that can put your business...
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This is a big help. Thanks for share it here.
Doug Henning!
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Magician and illusionist!
The basic idea of nice apartments with parking and retail is a good one, but this design seems overwhelmingly big/tall for Broad Ripple. The size could be disguised a bit with lots of big trees/landscaping, but the complex is too massive to blend in easily. That section of canal between College and Westfield will also need to be upgraded on both sides. Nice apartments facing onto a nice promenade with shade trees/plantings could bring together the canal towpath/Monon recreation, the outdoor seating at existing restaurants, and this project into something that upgrades the whole area. A plan for the whole stretch makes more sense than facing nice new housing onto what looks like a ditch. Is there a plan? Does the public have input? Who pays? The apartment idea seems to be reasonable, but Whole Foods is not a good idea for appropriate retail. Besides the store being physically too big, there are already Fresh Market at 54xCollege and Whole Foods in Nora for fancy groceries. Good Earth and Kroger are within walking distance of the Shell site. There are at least 7 grocery stores within a safe bike ride. Whole Foods would add nothing but traffic congestion. This design is on the right track, but there needs to be more work done to ensure that it blends in with and enhances the existing community. A project that large will set a tone for that whole part of town. It could be a real asset, but only if done right.