In this Breaking Money Silence® podcast episode, I speak with Hindell Grossman, a family law attorney with Sassoon Cymrot Law, about married couples who own a business together. We discuss the advantages and disadvantages of working with a romantic partner and Hindell warns of the danger of making this decision when you are still in the “la-la land” phase of
Family Business
Retail is alive and thriving
By Neil Soskin
It is early January, and I am preparing for the new year ahead. I was cleaning out some old emails and files and found the article linked below from Chain Store Age (a key retail trade magazine). The story is about Ace Hardware, and their opening of 170 stores in 2022. The article also mentions that they operate over 5,600…
How To Break Your Money Silence
By Jason Levoy
This is a podcast I did with ProVisors member Kathleen Burns Kingsbury about how to break your money silence when going through a divorce.
Revisiting the Three Circle Model of Family Business to Strengthen Governance
By Bruce Werner
How to Assess Governance Maturity and Improve Family Business Strategy Using the Three Circle Model
Even after 40 years, the Three Circle Model of Family Business is still an effective tool for dealing with the challenges of running a family business.
To be an effective advisor to a family business, you need to assess the governance maturity of each circle…
How To Have No Regrets When Selling Your Business
By Bruce Werner
Over time, I have seen that people who own and operate a business often view the transaction of selling their company as a means to an end, whereas professionals handling said transaction make their living doing the deal. The former tend to look at transactions as an arrow in their strategy quiver, while the latter view buying and selling businesses…
Three Crucial Questions To Help You Assess and Improve Your Business Resilience
By Bruce Werner
Business resilience is a concept with a new meaning in a Covid-19 world. It has been defined by the National Association of Corporate Directors (NACD) as “the capacity of any entity to prepare for disruptions, to recover from shocks and stresses, and then to adapt and grow from a disruptive experience.” Resilience is the demonstrated ability to move forward…
Never Waste A Serious Crisis: What Businesses Can Learn From The Pandemic In Order To Move Forward
By Bruce Werner
It’s been six months since Covid-19 hit the U.S. Now that the immediate crisis is over, board members are tasked with evaluating how their businesses pulled through the acute stretch of the pandemic by asking questions, such as, How did we do? What could we have done better? How do we prepare for the next crisis?
This process demands that…
Creating Momentum In Your Succession Planning Process
By Bruce Werner
When taking on a new succession planning assignment, I always ask clients to do some homework to prepare themselves for what lies ahead. I advise them that there are separate and parallel paths for planning business succession versus ownership succession. The latter tends to revolve around personal wants and needs and is more subjective.
The planning process is a bit…
The Art Of Designing A Board That Can Pull Your Business Through Crisis
By Bruce Werner
The Covid-19 crisis is unlike anything we’ve seen before. Not only is this pandemic unprecedented; it’s having a different impact on different industries. While some organizations have been forced to a near standstill, others are forced to increase productivity under pressure to survive. One item remains constant: having a seasoned board is more important now than ever before.
While there…
Why Succession Planning Is Vital And How You Can Start Today
By Bruce Werner
COVID-19 has drastically altered the course of America’s small and medium-sized businesses. According to a recent Facebook survey of over 86,000 SMB owners, managers and employees, about a third of SMBs are currently closed. Nearly half of owners whose businesses are still open are suffering burnout. Fewer than half of nonoperational SMBs plan to rehire the same workers and over…