616.771.0575

Family Business Alliance

More results...

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Pages
Articles
Books
Events
Login

SecurAlarm Celebrates 30 Years

Brothers and family business leaders standing next to each other similing.

Brent Van Haren, President and Todd Van Haren, Controller

Family business success is different for every family-run entity. There is no one-size-fits-all approach.

To honor and celebrate our members who have achieved “Milestone” anniversaries, we are sharing insights into their business journeys. In our first highlight, read what second generation leaders, Todd and Brent Van Haren, share as they reflect on the 30th anniversary of SecurAlarm.

About

SecurAlarm is a second-generation, family owned business located in Grand Rapids. They specialize in providing comprehensive commercial security services – from cyber security, building security, and more. They proudly address the risks and concerns of their clients from physical property to business continuity.

Gloria Lubben and Pat Van Haren

Where and how did the family business journey begin?

It began in the heart of another family business. Our father, Pat Van Haren, began his career teaching but quickly realized it wasn’t his passion. He shifted to wiring houses and businesses with his dad who was operating a small electrical business, Van Haren Electric. It quickly grew into a successful electrical contracting business defined by high quality people and installations.

Gloria Lubben joined Pat and his brother, Brian, to launch SecurAlarm Systems, Inc as a subsidiary to Van Haren Electric. At that time, there was a gap in the market for delivering complex solutions with high level quality. They cared enough and believed they could do better in protecting what matters to businesses. This is why we exist today.

Todd Van Haren speaking on an FBA event panel

What’s been most surprising about your family business journey so far?

The generosity of other family businesses and how invested they are in seeing each other succeed. We have learned so much from our fellow FBA members through Peer Groups, events, workshops, and other connections. While each business is different from a family/corporate structure and industry perspective, it’s amazing the similarities and challenges we share.

If you could go back in time, what’s one piece of advice you’d give yourself?

Van Haren Family Photo

Enjoy the time with prior generations. Capture their story and preserve it. It has shaped so many aspects of who we are. While some aspects might not be as favorable as others, try to understand and leverage them.

Also be intentional about including all family members (spouses, siblings, parents, children, etc.) that aren’t directly involved in the business. Family can be a huge strategic advantage and it’s important to keep everyone informed and engaged.

In SecurAlarm’s 30-year history, what do you see as the family business’s most important contribution?

Remaining dedicated to why we exist: We Care, So We Protect. It drives our decisions, how we measure success, and how we serve our community, team, and clients.

We are in a rapidly changing cross section of industries (construction, security, and technology) and we look to our WHY whenever we’re at a crossroads. We engage with empathy and a desire to see our team, clients, and partners succeed. We invest significant energy into making sure whoever we encounter feels cared for by listening, confronting brutal facts, and taking action on whatever is holding us back. Because of this, our team members tell us they are better individuals, spouses, siblings, friends, and leaders. Our clients trust us and lean on us for guidance.

What do you identify as a pivotal change throughout the business’s history?

Over the last year, SecurAlarm has embarked on a business model shift, which we are still in the midst of. We are shifting our focus from products to services because we believe security is so much more than technology and transactional relationships.

We want to align technology, procedure, and training unlike any other security integrator out there. We want to deliver personalized, comprehensive, and strategic plans and solutions to our clients, who we think of as partners. So much change is required, and it will be a long journey, but we know it will allow us to better serve our team and clients for another 100 years. Why the shift? It goes back to our Why, of course! We Care, So We Protect.

All photos are courtesy SecurAlarm.

This feature is part of our Member Anniversary Program. For more information or if you are interested in exploring opportunities to be featured, please email aislinn@fbagr.org.

Family Business Alliance strives to help family businesses with the tools, resources, and connections to help businesses succeed. Learn more about our resources including Leading Forward, Succeeding in Succession, and Navigating Governance that help to advance family business in our community.

Small Business Week Feature: Ludema’s Floral & Garden

To celebrate small business week, FBA sat down with Allison Ludema from Ludema’s Floral and Garden to understand their small, family business story and what makes them tick. Read on to learn how their business has blossomed over five generations.

Where it All Began

Ludema’s Floral and Garden, a fifth generation, family-owned business, has been on the same land since they opened in 1907. What is now a busy commercial area in Kentwood was once an agricultural area filled with greenhouses and family farms. Allison’s great, great grandparents began the business by selling their extra produce on a road-side stand, and they would drive their products to the East Side Market in Detroit and other local markets. Then, their focus was mostly fruits and vegetables. They eventually evolved into indoor plants and other garden crops.

Over time, subsequent generations began infusing their passions into the business. As Allison explained, the fourth generation, her mother and aunt, started moving the business toward floral sales.

“My mom was the one who developed the department from nothing…It’s grown by leaps and bounds, even in the last 10-20 years.” When Allison was a teenager, they began offering wedding services again and Ludema’s continues to expand and connect within the West Michigan Community.

In addition to weddings, corporate partnerships and events sales have continued to expand as they grow their reputation in this space within the community. For example, Ludema’s partners with the Amway Grand Hotel Downtown Grand Rapids to provide fresh, beautiful floral arrangements throughout their lobby.

“Our quality of work has pushed other people to recommend us,” says Allison. The family business also works with Corewell Health through a concierge service, and Allison’s goal is to continue developing these relationships and community partnerships in coming years.

“A lot of people still don’t know that we do flowers. They associate us with the greenhouse and produce we used to have, rather than a year-round floral business.”

Although the fifth-generation business leader manages the strategic direction of the company, the fourth generation is still involved behind the scenes. “We of course talk to each other about everything that’s going on,” and her parents still reside on the property where she and previous generations grew up. In addition to the strategic direction, Allison manages the retail operations and, like many family business owners, wears many hats. She is thankful to have a great team of managers and coordinators to help her day-to-day. Year round, their team consists of fewer than 20 employees but employs as many as 50 employees during peak seasons.

Allison never anticipated joining the family business even though she grew up on the property that has been in her family for over 100 years. “We always had to help growing up, even as little kids.” From learning how to serve customers, to tying bows for arrangements, she has been involved in the business for as long as she can remember. Wanting to pave her own path, Allison majored in Hospitality & Tourism with an emphasis in Event Planning. Although she didn’t know it at the time, it came in handy for her role today.

Today, it is the legacy and history that makes her most proud. She explains it wasn’t until COVID-19 created so much uncertainty for the business that it dawned on her just how special Ludema’s is to her and the community.

“It lit a fire under me. I did so many things I never thought I would have to do or explore. I’ve always been proud of it and love it, but the fear of losing it heightened it even more.”

Another point of pride is the relationships with her customers. “We have a lot of regulars who know a lot about our business and our family. That we know them by first name, and when they walk in we can greet them that way is a really special thing.” Maintaining that for more than 116 years is no small feat, and they have worked hard to do so. Allison explained that their cohesive team culture is part of creating this customer experience and welcoming atmosphere.

Aside from the customer connections, Allison feels that locally owned business are important “because we understand the community, how it changes and we can evolve with it.” Not to mention the passion and quality of their products, which has been passed down for generations.

“We care about the quality, and we care about what we are sending out the door, and I think that’s the difference with a small business.”

What’s Next For Ludema’s?

When asked what she is most excited about in the future of Ludema’s, Allison expresses, “I am very passionate about continuing to build our floral department and continue to let people know that we are here all year round to get a beautiful floral arrangement or help with an event. We put our hearts into everything that we do and when we do it, we do it well.”

As they continue to move forward, Allison acknowledges that without “that family connection from the beginning” and the foundation it provided, “we wouldn’t have the other unique parts of our business.” Like any family business, Ludema’s has transformed and evolved over the generations yet maintains the shared roots of generational passion and expertise.

Experience with Family Business Alliance

As a small, family business owner, the Family Business Alliance Peer Groups have been valuable for Allison. “Being in a room with people that have the same sort of struggles that I do is very comforting but also mind-blowing.”

“To hear people from corporations that I have known my whole life dealing with similar issues to my own is so comforting. No matter how big or how small, or what the struggles have been within you family company, to know that someone else is experiencing something similar that can provide insight, is what I appreciate.”

 

This interview has been edited for length and clarity.

Written by Aislinn Teachout

Family Business Alliance strives to help family businesses with the tools, resources, and connections to help businesses succeed. Learn more about our resources including Leading Forward, Succeeding in Succession, and Navigating Governance that help to advance family business in our community.  

 

Small Business Week Feature: GL Resources

As part of our Small Business Week celebration, we sat down with the family behind GL Resources – George Snyder, Joanie Snyder, and Alan Snyder to learn about their business and what it’s like working together as a small, family-owned business.

Where It All Began

Founded in 1982 by George Snyder, GL Resources is a first-generation family business location in East Grand Rapids. They represent furniture component manufacturers, and sell hardware, including drawer slides, kitchen hardware, hinges, and more. Connecting furniture manufacturers and hardware manufacturers from a variety of industries, GL Resources works with companies of all sizes.

George and Joanie Snyder stumbled into owning their own business by chance. Both had previous careers and were originally from Pittsburg. When a friend needed a representative in West Michigan, the high school sweethearts decided to take the leap and relocate East Grand Rapids. Taking this position laid the foundation for what eventually became GL Resources.

In 1984, George went completely on his own and they incorporated. “We had no plan,” says George, but they were up for the challenge. “Back in the 80s, there were a lot more furniture manufactures here, and there was quite a base in Western Michigan.”

Since the early days, the business has grown in many ways. One progression was adding three additional sales representatives in the early 1990s, all of whom are still with the business today. Together, they cover the Midwest – including Michigan, Indiana, Ohio, Kentucky, Illinois, and Wisconsin.

Working Together

Most recently the family welcomed Alan Snyder, their son, into the business in January 2021. Alan’s focus has been on growing the business and expanding into new product types and creating new partnerships throughout the US. His wife, Nicole, has recently joined the business as well, truly making it a family affair.

Before joining, Alan worked for a few notable local, family-owned corporations, including Steelcase and Bissel as a financial analyst. “I knew it was time for a new opportunity.” It was at that time that George approached him with a job offer. “We’ve been talking, and we might have a job for you at GL Resources.”

Alan notes it was the first time they had discussed him joining the business. “I was very excited about it. Working here was always in the back of my mind, but I wanted to build up other experience and learn from other companies first.” Although the business was not founded on the premise of passing it down, the family expressed that having the second generation involved has given them a transition plan.

“It’s a cool little business, and we felt if we could transition the business with Alan, it could go on another 40 years. If you don’t, it ends.”

Joanie, who serves as President, has been there since the beginning. After having their first child, she officially began working for the business. Beforehand, she had a career as an accountant, so managing the bookkeeping for GL Resources was a natural progression. Initially a spousal-run family business, George and Joanie’s differences also became their strength as owners and partners.

“I came from a very structured business environment,” says Joanie. “So, I tried to bring that structure here, but it took a while for us to figure out how best to do this.” As a “details person,” Joanie is now responsible for many of their organizational processes, formal structures, and general management. Conversely, George is the risk taker, so Joanie’s influence allowed him to focus on sales and vision.

Bringing in the second generation has helped professionalize the business in various ways, as is typical transitioning from the founder’s dream stage.

“Alan has really opened our eyes to be more forward thinking,” shares Joanie. Navigating generational differences when working together is inevitable in family run organizations, but the Snyder family has thoroughly enjoyed working together.

The Importance of Small and Family-Owned Businesses

When asked about the importance of small and family-owned businesses, Alan expressed that statistically, small businesses employ a significant share of the country’s workforce. “I don’t think you realize that coming out of college as a young professional. Not everyone has the opportunity to go work from a family-owned business, but they are everywhere.” While Joanie stated that small businesses are “the backbone of America.” It is no easy feat starting and running a small business, and George explains he is proud that they have remained in business for 42 years.

The family takes pride in their business and its history. Decades ago, Joanie would bring her sons into their office with her while she worked, which wouldn’t have been possible at a corporation. “That’s a unique aspect of small businesses, having the flexibility to do both.” This history creates a special atmosphere within the family business. In reflection, Alan shared: “My mom brought me in, and now my wife is bringing our two-month-old in, and that is special.”

Community Involvement

For many small and family businesses, community is key. When he was first getting started, Alan leaned on resources like the Chamber Roundtables for support. “I was brand new to the sales role, so being with other sales professionals helped.” Being involved with Family Business Alliance and the Chamber has helped with various professional development areas, networking, and learning about other businesses in the community. The Family Business Alliance forums “are great information sources and it’s also great networking.”

“Alan has done a great job branching out, being involved with the Grand Rapids Chamber and Family Business Alliance,” explains George.

Alan has also recently joined a Peer Group. He explains, “I like to hear other people’s perspectives on how they are handling challenges within their businesses and grappling within their families.” For example, Alan has two brothers, one of whom may also be interested in joining the business at some point. “Hearing how they are handling it has been helpful for me to navigate how we should approach that in our family.”

 

This interview has been edited for length and clarity.

Written by Aislinn Teachout

Family Business Alliance strives to help family businesses with the tools, resources, and connections to help businesses succeed. Learn more about our resources including Leading Forward, Succeeding in Succession, and Navigating Governance that help to advance family business in our community.  

 

Succession: Why Logan Roy Was Doomed to Fail

HBO Succession cast seated posing for a serious photo.

Image by HBO

If you are a family business leader, don’t be a Logan Roy. 

For the last three years, millions of viewers have tuned into HBO’s hit TV show, Succession waiting for Logan Roy to identify a successor for Waystar Royco. The series magnifies all the complex drama which can plague a family run organization, but after 4 seasons, I do agree with Logan – they are all “idiots,” and Waystar Royco should not be succeeded to any of the family members. 

So, why was Logan doomed to fail in succeeding the business to his children? He ignored crucial components and best practices of family business leadership development. As each character develops through the series, viewers are tasked with evaluating them and trying to fit a square peg in a round hole.   

We come to understand that Connor has disengaged from the business completely and lives an entitled lifestyle without any sense of obligation to the business or community. He continues to purge his financial resources on an election campaign where he polls at 1%.

Kendall, who appears in season one as the “chosen” son, lacks instinct, confidence, and organizational knowledge. When he appoints himself as CEO after his father’s airborne stroke in the opening scene, it is only then that he learns the organization is $3 billion in debt. He is also plagued with addiction and self-destructive behaviors attributed to his relationship with his father.

Shiv, a politically savvy and competent political consultant, is filled with insecurity. Even when it comes to her judgement on picking a political candidate – the one area she is most qualified for – her expertise was undermined by Logan.

And, finally, Roman, the youngest Roy child, constantly lives up to the “baby of the family” monolith and is enabled by Logan despite being incapable of cultivating relationships, personal or professional. We learn that despite being fired from an entry level role in the family business, he has earned a seat on the board and is eventually hired as Chief Operating Officer. 

Kendall Roy from Succession looking serious with the quote "I love you, but you are not serious people," from Logan Roy typed out.

Image from Reddit / turdette_ferguson

Based on this assessment, Logan Roy was right when he said, “You are not serious people.”  The children are not capable of taking over his most prized possession, yet in many ways, he set them up for failure. If you are a family business leader, don’t be a Logan Roy.  

HBO’s Succession captures many of the stereotypes of family businesses and their heirs, and the series is just one exaggerated example of what not to do. Successful family business leadership transitions take years of careful consideration and planning. They require consistent attention, re-evaluation, communication, and should include a backup plan. 

Here are a just a few considerations for family business leaders as they seek to identify their own successor: 

  1. Define Leadership Needs of the Organization. Establish a leadership profile based on the opportunities, threats, and weaknesses of the organization. Consider the input from outside advisors, board of directors, and senior level management. What are the skills required to move the organization forward and to serve as the next steward of the organization?
  2. Define and Establish a Path to Leadership. No one starts at the top, even if they share the last name of the Company’s founder. Maybe the family member works through a management training program and experiences various aspects of the business, all these norms can be established through good governance. 
  3. Utilize Leadership Development and Assessments Resources. History has demonstrated that the most effective leaders are self-aware. Assessments provide an objective view of the skills and capabilities of each family member. Once the assessment is completed, you have a professional development roadmap. Support individual development by engaging in leadership conferences that are dedicated to the development of family business leadership skills. Create opportunities for transparent and consistent communication through an annual review.  Recognize the “perfect leader” does not exist and begin to develop a senior leadership team to support the next generation leader.
  4. Develop Professional Skills Outside the Business. A widely accepted best practice for family business organizations is to establish a governance policy which requires all family members to develop professional skills outside the business.  This provides the family member an opportunity to build professional networks, gain organizational operational insight, and create diverse perspectives.
  5. Hire Based on a Job Opening and Alignment. Every Next Generation leader will be scrutinized when they join the business. Family members should be hired based on professional skills and experience to fill a need. Their entry point should be commensurate with the skills and experience they bring to the job and follow employment and market compensation guidelines. 
  6. Identify Development Paths within the Organization to Build Confidence. Find opportunities for development within the organization in either roles or special projects.  Many organizations rotate family members through departments to learn integral sections of the business. Others can create opportunities with new product lines, innovation projects, and market expansion opportunities. These roles provide learning opportunities for the next generation to develop confidence while also earning respect and credibility with other organizational stakeholders including other leadership, clients, and employees.

If you seek to succeed in succession and transfer your family business to the subsequent generation, investing in leadership development and good family governance are two of the critical components to ensure that your legacy, values, and your organization survive for years to come.  

Family Business Alliance strives to help family businesses with the tools, resources, and connections to help businesses succeed. Learn more about our resources including Leading Forward, Succeeding in Succession, and Navigating Governance that help to advance family business in our community.  

Written by Robin Burns

 

Key Questions for West Michigan Family Businesses

1. What are our core family values and how do they impact our success? 

Family values are defined as the underlying beliefs, principles, and ambitions of the family. A shared value system can unite family members and provide a framework for relationships with customers, employees, and the community. Values serve as a compass to help organizations navigate difficult decisions, drive practices and policies, and distinguish itself from non-family run organizations. How do you best understand and identify your family values? Look back at your family business history. Identify pivotal points in the organization and define the value characteristics that best define how your family responded.

2. How do we deal with inherent conflicts?

All family businesses inevitably will experience conflict. Family run organizations operate in three spheres – ownership, business, and family. This is widely described as an intersecting three circle model, and the intersection of the three spheres is where you encounter common conflicts. Some issues that create the most tension include the direction of the business, roles and responsibilities of family members, and compensation. Having family business advisors, outside council, or more formal governance structures can help to navigate and minimize conflicts. 

3. What governance systems do we have in place?

Many family business organizations begin with a founder whose entrepreneurial vision launches and builds the business. They prefer an independent operating style and full control over decisions and direction of the organization. As the founder looks to engage the next generation and families begin to expand, there is the need for a more formalized governance structure. Governance structures assist in developing family relationships, support effective decision making, and strengthen accountability of all stakeholders. Board of Directors, Ownership Agreements, Family Meetings, Family Councils, Family Foundation and Family Office are some common examples of systems that are available as the family grows and ownership becomes more complex.

4. Do we have clear compensation and equity arrangements?

Unsurprisingly compensation and equity are often the most contentious issues in a family business. What are the expectations of the family members (active and non-active)? What is fair? What is equitable? Family organizations should have well-defined job descriptions, compensation packages, and promotion criteria for both family and non-family members. Some organizations separate equity and profit structures to ensure that the distribution of profits to family members is documented and fairly distributed to avoid additional controversy. Equitable is not necessarily equal for many family run organizations. 

5. What are the obstacles facing family businesses today?

All businesses are currently challenged with talent and retention issues as well as implementing growth and innovation strategies. Family Businesses are also challenged with unique obstacles concentrating in areas of family leadership and ownership. In a recent survey of family businesses in West Michigan, leaders identified they are most concerned with properly preparing the next generation, adapting governance strategies, and implementing their family values. In terms of ownership challenges, they are looking for information and resources on shareholder responsibility, evaluating equity, and shareholder agreements. 

6. Do we have a business succession plan?

If you do not have a plan, you’re not alone. According to a recent study by PWC, only 34% of family run organizations have a robust, documented, and communicated plan in place. Succession plans should incorporate all aspects of a family business including ownership, governance, and leadership. Succession planning is a long journey and often includes defining when family members may work in the business, how profits should be distributed, who may serve on the board, preparing future leadership, and other matters such as taxes, liability, estate planning, ownership stakes, and voting rights. From planning to transition, succession implementation can be a seven-to-ten-year process.  

7. How am I engaging the Next Generation?

As they say, “All the flowers of all of the tomorrows are in the seeds of today.” Successful succession planning begins long before the next generation can determine their future career choices. Engagement for family run business should include education, communication, and collaboration. Formal and informal education should include sharing and documenting family history and family values. Whether at the kitchen table or a more formal family meeting – these are key opportunities to share information. Families should also explore digital communication vehicles (websites, social sites, or newsletters) to build and connect family members. Finally, creating collaborative opportunities around a project or charitable giving provides tangible experiences to build relationships, reinforce values and cultivate engagement.  

8. Do I participate in the family business community and take advantage of resources?

While every family business is different, many share the same operating challenges. Connecting with and learning from other family business organizations while developing a confidential and supportive peer network is a great way to tackle these dynamics. Sustaining a family business is a journey, but you don’t have to do it alone. Family Business Alliance seeks to help family organizations in West Michigan thrive by creating connections, navigating governance, and elevating leadership for over 165 member organizations. Learn more about how we want to help your family organization at fbagr.org. 

 

EPIC Awards: Family Owned Business of the Year

 

As part of our mission to advance family business, we are excited to announce a new collaboration with the Grand Rapids Business Chamber.

Since 2010, The Grand Rapids Chamber’s EPIC Awards have recognized the amazing organizations that are building this thriving community and supporting our region through EPIC (Entrepreneurial, Progressive, Innovative, and Collaborative) proportions. This year, Family Business Alliance teamed up with the Chamber to establish a category exclusively for family business organizations to engage and be honored for their efforts and innovation.

We are all aware that family run organizations positively impact our community and economy, so we are excited that an FBA member will have the opportunity to be recognized as the Family-Owned Business of the Year!

The award will be given to a family business that is either a Family Business Alliance Member or Grand Rapids Chamber member and exhibits the criteria below:

EPIC Organizational Awards Criteria:

  • Has a growth mindset and supports/demonstrates equitable entrepreneurship throughout the organization’s services and programs
  • Creates an organizational culture that is progressive – not afraid to put new ideas into practice and has an intentional focus on belonging and inclusion
  • Seeks out innovative opportunities to be creative in their designated industry and community by leveraging the organization’s diversity
  • Gives back to the larger community and is actively collaborative with other organizations and initiatives to create a thriving West Michigan for all

As an organization, you can either nominate yourself, or be nominated by anyone from outside of your organization. To nominate a deserving organization, complete the nomination form.  Nominations close on Thursday, August 4th. After all applications are reviewed by an independent Chamber Peer Selection Committee, finalists are notified. Award recipients are announced the night of the event, keeping finalists and attendees on the edge of their seats. 

We are thrilled to be able to formally acknowledge the positive impact that family businesses make in our community. Happy Nominating!

Timeline:

  • August 12th: Nominations Close
  • September 5th: 3 Finalists are chosen & contacted
  • October 4th: Finalist Reception
  • October 19th: EPIC Awards Gala

For more information, please visit the EPIC Awards page or email Aislinn Teachout, FBA Marketing & Events Coordinator, at aislinn@fbagr.org or Megan Steenwyk, Business Services Manager, at megan@grandrapids.org.

Why Won’t My Parents Retire and Let Me Run the Family Business

If you have spent your career preparing to take over the family business, it can be frustrating to wait for the senior generation to decide that they are ready to retire. It also may be hard to understand why mom or dad chooses to keep putting in the long hours and would rather deal with the challenges of the business instead of retiring and enjoying life.

For the next generation, the waiting is even more difficult if your parents have not created a succession plan. This causes great uncertainty regarding the role each person should be preparing for and how a successor will be chosen if a parent passes away without a plan.

Sometimes the wait exists because the parents may still enjoy running the business. They likely are in no hurry to let go of a company to which they have devoted their lives. Or, parents may not wish to deal with the complex emotions, the fear of the unknown or the hard feelings associated with choosing successors. These issues and others can create barriers to planning for a transfer of the business to the next generation.

If you want to help your parents focus on succession, it is important to understand the issues behind their reluctance to do this planning and understand the strategies for addressing them (warning: it might take years). Below are some common issues that our succession planning attorneys, working with the family’s other professionals, help families overcome to begin preparing for ownership transition and creating a succession plan.

Coping With Reasons Why Parents Won’t Leave the Business

1. They are uncertain about how they can be financially secure away from the business.
This one is huge, and succession will not be addressed if this concern is present. However, many options exist to solve this problem, and your wealth advisors and your attorney can certainly help you find one that is right for your family.

  • Common approaches include taking higher pay for a few years and saving it, selling a      portion of the equity back to the business or to other family members, creating deferred compensation arrangements, or retaining assets to lease back to the operating business.

2. Their identity is tied to the business.

  • A parent may be able to identify a new role for themselves that is related to the business such as: Chair of the Board, consultant, informal advisor, trainer/mentor, representative to industry associations or other related groups, etc.
  • Depending on interests and skillsets, a parent can develop a new role relating to a family foundation, family investments, family governance, next-generation education, or a family office.

3. They worry that their life will lack purpose without the business to run.

After they have devoted decades to building a business, it may be hard for them to see that they could have an important purpose elsewhere.

  • Help them realize that as they transition the business to someone else, they can use their lifetime of experience to benefit others. Examples of new ventures could include starting a consulting firm, speaking on business or motivational topics, serving on boards of other companies or nonprofits, leading philanthropic organizations, teaching business classes at a college, working with local business associations or business startup programs, or coaching students in business/entrepreneur programs such as Junior Achievement or DECA.

4. They believe successors are not ready to run the business.
Find out what their specific concerns are and take steps to alleviate these concerns.

  • Seek opportunities to demonstrate the ability to succeed, including rotations through all functional areas of the company.
  • Engage in learning and development such as an executive MBA program, leadership courses, mentorship plans, connections with other business leaders, and working with consultants or mentors from other businesses.

5. They believe that they are irreplaceable.
Some of the strategies mentioned above can help with this concern too. However, this one may be difficult to address without outside help.

  • Make sure the senior generation gets exposed to the skills and successes of next-generation family members and a well-functioning management team.
  • Identify friends or business acquaintances who have successfully transitioned their business and who might be helpful examples or resources.
  • Consider meetings with former owners of multigenerational businesses now managed by the next generation. This could provide an understanding of the issues they faced during the process and help gather best practices.

6. They are avoiding hard feelings that will occur in the family when a successor is chosen.
This is where a good succession planning attorney or advisor can help your family design a plan that creates a win-win situation for the members of both generations.

  • You may need to enlist additional help to move your parents to realize that if they want to ensure the continued success of the company after they are gone, they need to make decisions now that will make that happen. Help them see that it is bad for the business and for the family to have the children fighting for company control while working through their grief after a parent’s death.

7. They equate retirement with a decline in health or even impending death.
Everyone has heard a story about someone who died soon after retirement, and even though this is rarely the case, some people still equate retirement with the end of an active, healthy life.

  • If you have solved issues #2 and #3 above, this may cease to be a worry for them, since they will be plenty busy. But if this worry still exists, there are plenty of resources and professionals to help you work through this issue.

8. They fear losing their prestige in the community (the business leader and/or the spouse).

  • This is tough to deal with, although having the leader continue working in a new role in the business, foundation or family office – one that still provides opportunities for networking, speaking engagements and social visibility – could certainly help.
  • Finding a board position or a leadership position in another organization, such as a nonprofit or industry organization, can also help with this.

If you are in a waiting situation that appears to have no end in sight, perhaps it is time to engage someone to help you have conversations about the future of the business. Our succession and estate planning attorneys can often facilitate these conversations and help families start planning for a successful business future.

Family Business Alliance, devoted to advancing family business organizations for multi-generational success, designs its programming, resources, and events to meet the needs of its members at these distinct stages.  Currently, the Family Business Alliance represents nearly 170 member organizations throughout West Michigan and offers the opportunity to create connections, elevate leadership, and navigate governance.  To receive more complimentary resources, connect with us online at Family Business Alliance.

This article is reprinted with permission from Warner Norcross + Judd LLP and author Bruce Young. This article is not intended as legal advice. For additional information, please contact Bruce Young at byoung@wnj.com

Understanding the Key Transitions in the Family Business Life Cycle

Understanding the key transitions in your family business in relation to the family business life cycle can help you navigate the unique operating challenges of leading and succeeding in a family business.   With the help of Family-Owned Business Institute of Grand Valley State University and adaptations of several online resources[1], The Family Business Alliance has established a Family Business Continuum to help family businesses in West Michigan understand the distinct axes of the family business model and improve the opportunity for multi-generational success.

The Family Business Continuum Axes are defined as:

Ownership

The Family Ownership Axis identifies the key and controlling stakeholder(s) and is not linked to a specific generation.  In many cases, the first stage of ownership is established based on a Founder’s Dream.  The succession to the next generation can be either identified as a “New” Founder’s Dream or a Sibling Partnership. In a sibling partnership, the siblings jointly own the shares of the business, however, leadership may be singled out to a primary member.  As the family and business operations grow, ownership models may evolve to a Cousin Consortium which includes extended family through multiple generations or may evolve to a model which includes Distant Relatives.

Leadership

The Leadership Axis defines the experience and engagement of family leadership in the business. Stages include Leading the Business where control is either one primary family leader or shared among siblings.  The family leader(s) oversee all strategy and operations.  In Joining the Business, a potential successor(s) is introduced to build professional experience, operational experience, and industry knowledge.  At this stage, the business often

implements professionalization of roles and formal processes are developed.  As the next generation has its own visions and often a strong desire to introduce more strategic thinking, they assume mid-level management roles, defined as Working Together.  This leadership expansion phase is often linked with restructuring and may include the development of a board of directors, family governance policies, and family council meetings. Leadership succession can span more than a decade as a succession plan is created and implemented. Each generation transitions to new roles both internally and externally as they Pass the Baton. The family may also sell or expand to different markets and the family business may evolve to a Family Office.

Business

The Business Axis characterizes the stages of a business as it strives to move from a Start Up to Growth and Formalization, defined as the company leaving the niche market and entering a more competitive and larger arena.  Often, organizations engage in strategic planning with outside professionals to meet organizational objectives to achieve Maturity and Stabilization.  In this stage, the business focuses on the development of organizational talent and seeks to create a flexible framework to take advantage of market opportunities and manage threats.  At Regeneration, the key stakeholders face a strategic choice for further growth and maturity. If reinvention is not prioritized, these businesses have a heightened risk of decline.

Family Business Alliance, devoted to advancing family business organizations for multi-generational success, designs its programming, resources, and events to meet the needs of its members at these distinct stages.  Currently, the Family Business Alliance represents nearly 170 member organizations throughout West Michigan and offers the opportunity to create connections, elevate leadership, and navigate governance.

Understand your organization on the Family Business Continuum and download complimentary resources available through the Family Business Alliance.  Serving over 165 members, Family Business Alliance seeks to advance family business in West Michigan.  Together we, create connections, navigate governance, and elevate leadership.

[1] Sources: Ivan Lansberg, Succeeding Generations; Thwart Magazine, Family Business Life Cycle; Forbes How to Use the Family Business Life Cycle to Personalize your Family Office.

Your 7-Step Plan for Creating Chaos in Your Family Business

This article was originally published by Warner Norcross + Judd and has been republished with consent.

William Lentine

Most business owners know that proper succession planning can help keep their business running strong into the next generation. They understand the importance of creating a plan to prepare heirs and key employees to run the business when it is time. But sometimes owners are busy and fail to plan for the future of their business in a timely manner.

Executing an unplanned transition when the family business leader becomes incapacitated or passes can be painful for the family (at an already difficult time) and potentially damaging for the business. Families in this situation often engage Warner to help them create a path forward for the business.

We think it makes sense to offer some lessons learned by these families as a resource for current business owners. Instead of offering a typical “best practices” list, we took a different approach. Here are some “worst practices” that will surely wreak chaos in your family business after you pass – from families who have experienced an unplanned business transition

7 Ways to Create Chaos in the Family Business After Your Death

  1. Don’t document your good intentions. Think about succession planning for years, but don’t document any of your thoughts or planning ideas for the family. Or, to make it really interesting, keep jotting down ideas on various notepads, napkins or sticky notes over the years, creating obvious contradictions between the ideas.
  2. Leave business ownership to your family but without a skilled operator in charge of it. This spreads chaos over the widest possible range after your death, affecting family members, employees, customers, suppliers and professional advisors when the battle lines are drawn between children and possibly your spouse as they wrestle for control of the company while dealing with their grief.
  3. Pick one winner. Leave both the business equity and control to one child that seems reasonably responsible and ask them to do the “right” thing for their siblings and remaining parent. For maximum family strife, the “responsible” child should be married to a spouse who is greedy or difficult to deal with.
  4. Don’t do any estate or tax planning. This way your heirs will not only struggle with the above issues but will also inherit a huge tax bill that they were not expecting and will have to cover by taking out loans or by selling the business.
  5. Micro-manage future leaders. Allowing your children or other key employees to manage portions of the business will allow a leader or group of leaders to naturally emerge, whereas micro-managing those heirs and other key employees in their current positions will ensure that they won’t learn how to lead, make decisions or accept responsibility.
  6. Don’t discuss the future of the family business. Avoiding these conversations ensures that you won’t know whether your heirs or current managers actually want to run the business and allows you to create a pressing sense of obligation for the next generation to work in or run the business. Even better, this sense of obligation can create next generation business leaders who are resentful or who lack the passion that you brought to running the business.
  7. Keep your professional advisors under wraps. Failure to introduce your professional team to your children can create havoc for your business because neither of these groups will be prepared to handle the inevitable difficult discussions that ensue during a transition. Plus, your children will not know and may not trust your attorney, CPA, investment advisor or other professional advisors, adding even more obstacles to this transition.

Having No Plan Can Also Cause Chaos in Your Business

Naturally, we wouldn’t expect you to do any of the things on this list on purpose to cause disruption and bad feelings in your family. But sometimes, not planning for the future can have the same impact on your family as if you had intentionally tried to cause chaos, leaving loved ones in a less than desirable position down the road should something happen to you.

Many of the steps involved in successfully transitioning a family business can take years, even decades to complete, so it is better to start planning sooner rather than later. Contact your Warner attorney or Bill Lentine at wlentine@wnj.com or at 248.784.5061 to begin planning for the eventual transition or sale of your family business.

Originally published by Warner Norcross + Judd.

Female Leadership in the Family Business

New research on gender diversity in family businesses shows that women tend to be more upbeat about business performance than men — but that changes if the women are in leadership positions, according to Ana Gonzalez, Director of the Family Owned Business Institute and Assistant Professor at the Management Department at Grand Valley State University. She was interviewed by Sheri Welsh for The Welsh Wire podcast, sponsored by the Family Business Alliance.

 

Why Won’t My Parents Retire and Let Me Run the Family Business?

This article was originally published by Warner Norcross + Judd and has been republished with consent.

Bruce Young
Partner, Warner Norcross + Judd

If you have spent your career preparing to take over the family business, it can be frustrating to wait for the senior generation to decide that they are ready to retire. It also may be hard to understand why mom or dad chooses to keep putting in the long hours and would rather deal with the challenges of the business instead of retiring and enjoying life.

For the next generation, the waiting is even more difficult if your parents have not created a succession plan. This causes great uncertainty regarding the role each person should be preparing for and how a successor will be chosen if a parent passes away without a plan.

Sometimes the wait exists because the parents may still enjoy running the business. They likely are in no hurry to let go of a company to which they have devoted their lives. Or, parents may not wish to deal with the complex emotions, the fear of the unknown or the hard feelings associated with choosing successors. These issues and others can create barriers to planning for a transfer of the business to the next generation.

If you want to help your parents focus on succession, it is important to understand the issues behind their reluctance to do this planning and understand the strategies for addressing them (warning: it might take years). Below are some common issues that our succession planning attorneys, working with the family’s other professionals, help families overcome to begin preparing for ownership transition and creating a succession plan.

Coping With Reasons Why Parents Won’t Leave the Business

1.They are uncertain about how they can be financially secure away from the business.
This one is huge, and succession will not be addressed if this concern is present. However, many options exist to solve this problem, and your wealth advisors and your attorney can certainly help you find one that is right for your family.

    • Common approaches include taking higher pay for a few years and saving it, selling a      portion of the equity back to the business or to other family members, creating deferred compensation arrangements, or retaining assets to lease back to the operating business.

2. Their identity is tied to the business.

    • A parent may be able to identify a new role for themselves that is related to the business such as: Chair of the Board, consultant, informal advisor, trainer/mentor, representative to industry associations or other related groups, etc.
    • Depending on interests and skill sets, a parent can develop a new role relating to a family foundation, family investments, family governance, next-generation education or a family office.

3. They worry that their life will lack purpose without the business to run.
After they have devoted decades to building a business, it may be hard for them to see that they could have an important purpose elsewhere.

    • Help them realize that as they transition the business to someone else, they can use their lifetime of experience to benefit others. Examples of new ventures could include starting a consulting firm, speaking on business or motivational topics, serving on boards of other companies or nonprofits, leading philanthropic organizations, teaching business classes at a college, working with local business associations or business startup programs, or coaching students in business/entrepreneur programs such as Junior Achievement or DECA.

4. They believe successors are not ready to run the business.
Find out what their specific concerns are and take steps to alleviate these concerns.

    • Seek opportunities to demonstrate the ability to succeed, including rotations through all functional areas of the company.
    • Engage in learning and development such as an executive MBA program, leadership courses, mentorship plans, connections with other business leaders, and working with consultants or mentors from other businesses.

5. They believe that they are irreplaceable.
Some of the strategies mentioned above can help with this concern too. However, this one may be difficult to address without outside help.

    • Make sure the senior generation gets exposed to the skills and successes of next-generation family members and a well-functioning management team.
    • Identify friends or business acquaintances who have successfully transitioned their business who might be helpful examples or resources.
    • Consider meetings with former owners of multigenerational businesses now managed by the next generation. This could provide understanding of the issues they faced during the process and help gather best practices.

6. They are avoiding hard feelings that will occur in the family when a successor is chosen.
This is where a good succession planning attorney or advisor can help your family design a plan that creates a win-win situation for the members of both generations.

    • You may need to enlist additional help to move your parents to realize that if they want to ensure the continued success of the company after they are gone, they need to make decisions now that will make that happen. Help them see that it is bad for the business and for the family to have the children fighting for company control while working through their grief after a parent’s death.

7. They equate retirement with a decline in health or even impending death.
Everyone has heard a story about someone who died soon after retirement, and even though this is rarely the case, some people still equate retirement with the end of an active, healthy life.

    • If you have solved issues #2 and #3 above, this may cease to be a worry for them, since they will be plenty busy. But if this worry still exists, there are plenty of resources and professionals to help you work through this issue.

8. They fear losing their prestige in the community (the business leader and/or the spouse).

    • This is tough to deal with, although having the leader continue working in a new role in the business, foundation or family office – one that still provides opportunities for networking, speaking engagements and social visibility – could certainly help.
    • Finding a board position or a leadership position in another organization, such as a nonprofit or industry organization, can also help with this.

If you are in a waiting situation that appears to have no end in sight, perhaps it is time to engage someone to help you have conversations about the future of the business. Our succession and estate planning attorneys can often facilitate these conversations and help families start planning for a successful business future. If you have questions related to succession planning or transferring the ownership or control of a family business, please contact your Warner attorney or contact Bruce Young at byoung@wnj.com or 616.752.2144.

Originally published by Warner Norcross + Judd.

Exit Planning Series – Are you Ready to Make an Ownership Transition?

This article was written and originally published by the DWH and has been republished with consent.

DWH and Adamy Valuation began a series called “Tactical Tuesdays” in 2020 in response to the impact of the COVID-19 pandemic on our clients and business partners. The goal of “Tactical Tuesdays” was to provide up-to-date information that would allow leaders to make tactical decisions to run their business. As COVID (hopefully) winds down, the Tactical Tuesdays focus is shifting to address longer-term issues. Over the next several weeks, DWH and Adamy will be publishing a series of blog posts around exit planning for business owners.

A transition of company ownership, whether internal or external, is a complex process. Before attempting to sell a business, owners should make sure they are ready. This means determining their desired outcome, developing transition thinking, understanding options, and assembling a solid advisory team.

Determine Your Desired Outcome

For an owner to successfully transition ownership of their company, they must first understand their desired outcome. Outcome considerations include:

  • For family-owned businesses, is there a desire to keep the business in the family?
  • Does the owner want to retire, stay involved in the business, or do something else entirely?
  • What is the desired timing for a transition?
  • How prepared is the management team or the successor generation to take over the business?
  • What is the merger and acquisition (“M&A”) environment in the industry?
  • How much does the owner expect to make?

The desired outcomes will drive the preparation and structure of a transition and transaction.

Develop Transition Thinking

Transition thinking involves two main ideas:

  • The role of an owner – Owners should focus on maximizing the value of the business through optimizing cash flow, minimizing risk, and putting the best possible leaders in place to run the business. The owner should discontinue any activities that do not maximize the value of the business.
  • Understand what creates value – Business owners should understand how investors value their business and what actions they can take to increase the value. Investors are interested in the strength and sustainability of the company’s future cash flows. Investors will also adjust the amount they are willing to pay based on the risks a business faces, such as expiring customer contracts or high turnover in key positions.

Understand Transaction Options

There are many options available to owners and we will cover this topic in a future blog post.

Assemble a Solid Advisory Team

Owners must have an experienced team of advisors to support them through the transition and transaction. Steve Whitteberry of Invictus M&A says, “Owners should invest the time to find qualified advisors including M&A attorneys, CPAs with transaction experience, and an experienced investment banker. A strong team is a key to a successful transaction.” Members of this team include:

Succession/Transition Advisor – This advisor supports the business owner by developing a transition plan, which includes the identification of opportunities to maximize the business’ value, and then helps facilitate execution of the plan.

M & A Attorney – Transactions can have a significant amount of legal complexity, so engage with an attorney that specializes in M&A activity in your industry and can support your team throughout the process.

Certified Public Accountant (CPA) – Many owners do not consider the impact of taxes on the proceeds from a transaction until it is too late. Have a CPA with M&A experience get involved early in the process.

Wealth Advisor – The wealth advisor works with the owner to develop a plan for managing the proceeds of the sale to achieve ownership goals.

Estate Attorney – In conjunction with the wealth advisor and CPA, an estate attorney can help an owner and their family setup a structure that minimizes taxes and protects wealth for the current and future generations. (We will cover estate planning in-depth in a future article.)

Investment Banker – The investment banker will help prepare offering documents, bring the company to market, vet potential buyers, and guide the company through the sale process.

Valuation Advisor – Many transactions fall apart due to misalignment in the purchase price. The valuation advisor provides owners with a comprehensive valuation of their company based on the company’s performance, asset valuation, and/or market comparisons. (We will cover business valuation methods in next week’s article.)

Key Takeaways

  • Determine the desired outcome of a transition.
  • Cultivate a mindset of transition thinking from an owner’s point of view; focus on maximizing the value of the business.
  • Owners should understand the value of their business and the ways to maximize it; increased cash flow and minimized risks.
  • Owners should have an experienced team of advisors to assist in the transition.

Additional Reading

Written By:

Ben Borisch, COO, Partner, DWH
bborisch@dwhcorp.com

Monica King, CEO, Managing Partner, DWH mking@dwhcorp.com

Eight Takeaways from Tax Season for Family Business Owners

We just finished filing taxes under the largest reform in 30 years! As we reflect back on
this filing we’ve compiled a list of key takeaways for family business owners.

The biggest changes are: the increase of standard deductions, changes to the income
tax brackets and the addition of a new qualified business income deduction.

1. Limitation on State and Local Income Tax Deductions
The tax law change in 2018 created a new cap for itemized deductions of $10,000 for
state and local income tax and property taxes.

While taxpayers in California and New York were hit the hardest, some taxpayers here
in West Michigan also hit the cap. Those who fall into higher income tax brackets, high
property tax and second homes were impacted the most by this cap.

2. Charitable Giving Impacted by Tax Reform
Charitable contributions may not have as much of an impact on your tax return as a
result of the increase in the standard deduction but that doesn’t mean you shouldn’t
donate! By the way, you may not have received as much of a benefit from contributions
in the past as you thought. We have more information on this topic HERE.

3. Entertainment Expense is No Longer Deductible
Business related entertainment expenses are no longer deductible. Certain business
meals remain 50% deductible and the substantiation requirements have changed under
the new law. But, sorry sports fans, those business related rounds of golf and sporting
event tickets are no longer tax deductible.

4. The Loss of Miscellaneous Deductions may Hurt
In the past you may have been able to deduct a portion of investment fees and
expenses, tax preparation fees as well as casualty and theft losses. These
miscellaneous deductions along with a list of others were eliminated under the new tax
reform. The actual impact on each taxpayer will vary.

5. Un-reimbursed Business Expenses May Impact your Employees
A portion of un-reimbursed business expenses are no longer tax deductible on an
individual taxpayer return. One example of this change may apply to your sales staff.
Previously some employees would write off meals, travel, vehicles, etc. that were not
reimbursed directly by the company. As an employer, you should recognize the change
in compensation for these employees and consider creating a plan to reimburse them
according to IRS guidelines.

6. Qualified Business Income: Beneficial for Most Family Businesses
Introduced in this tax reform is the new Qualified Business Income Deduction. The
deduction is 20% of qualified business income subject to limitations. Depending on the
type of business entities (S-Corp, Partnership, Sole Proprietor), the industry you
participate in and your income level, your qualification and level of this deduction will
vary. In addition, the complex formula may be impacted by retirement contributions and
other moving pieces.

7. Covering Moving Expenses Now Counts as Income for Employees
Whether you reimburse a new employee for moving expenses or whether a new
employee pays for moving expenses themselves, the tax benefit has been eliminated. If
you reimburse the expense it is now considered income to the employee. If the
employee pays the moving expense, the tax deduction is eliminated.

8. Tax Returns for Business Owners More Complicated
The largest tax reform in 30 years means CPAs have to relearn the rules. It’s taking
longer to digest the rules and translate them as it applies individually to you and your
company. We expect that you saw an increase in billable time for the preparations of
your returns this past filing season.

As a family owned business, Kroon & Mitchell is experiencing the same tax and
financial changes and is happy to answer any of your questions. Feel free to reach out
today with questions at 616-356-2002.

Author: Amelia J. Mitchell, CPA, MSA
Kroon & Mitchell, Integrated Tax & Investments

 

Succession can be Non-Family Too

Several weeks ago, Amway made the headlines – the privately-held, family-owned company hired its first non-family CEO, Milind Pant. Mr. Pant brings tremendous leadership and business experience to the company and has worked extensively in Asia, Africa, and Europe. Nevertheless, this is big news as the company has been led by a family member for nearly sixty years.

Many family businesses believe that succession only involves developing leadership within the next generation. Often this is true. But with the advent of millennials seeking careers outside the family business, many companies are looking for other succession options.

In the case of our family business, my husband’s great-grandfather, grandfather, and father all took the reins of the company. But by the 1990’s, my father-in-law was ready to pursue other interests. My husband was in his late 20s and was practicing antitrust law in Washington, DC – not yet the leader the company needed. The board reached out to a nonfamily president who stayed with the business for over 20 years and achieved tremendous success.

Fast forward to today where my husband has been serving as CEO for three years. The transition process was extensive and involved him getting his MBA, gradually taking on new responsibilities, and gaining the support and confidence of the board. It has been a rewarding, but sometimes stressful, process – one that we may need to repeat with our teenage daughter in 20 years.

We relied heavily on family business consultants, family council meetings, and an engaged board and staff to assist in the transition. If you are facing a change in leadership in the next 10 years, we encourage you to join our annual forum on November 8 with Joe Astrachan. This presentation will provide you with the guidance and resources that you need to be successful in your journey. If you’re looking for an in depth more personal focus, please look at our follow up Deep Dive on succession as well. Please see the links below to register.

 

Written by Diana Schad
CEO, Family Business Alliance
Diana@fbagr.org

 

Family Succession: How to Achieve Equity

Written by Haans Mulder, JD, MBA, MST, CFP®

Last month, I wrote about the importance of balancing two principles in family succession. Family businesses need to pass along ownership to certain members of the next generation who are most capable of continuing the business. Second, they should also strive to equally divide “all” assets so family members who don’t receive business ownership will still feel they are treated fairly.

This month, I want to write about one way of achieving this balance.  By definition, family businesses have an entity or multiple entities that are the “operations” of the business.  At the same time, families very often have acquired real estate that the business operates on. This real estate typically has significant value and can be used to “equalize” the distribution and achieve the second principle above. In other words, the children who don’t receive ownership in the business can instead receive ownership in the real estate holding entities.

While this approach can work very well to achieve equity, there’s a key issue that needs to be addressed. The business relies on that real estate for its location and the real estate owners rely on that business for a financial return.  It would be extremely disruptive if the business was no longer supported by the real estate (such as the rent being above market and not affordable for the company).  On the other hand, if the rent was “below” market, the family members who owned the real estate entity would inevitably resent the lease terms.

Because of these considerations, structuring a fair long-term lease with options for the term to be extended and rent escalations is critical. If these provisions are built into the structure, each side should then be able to feel they’ve been treated fairly and the business operations can have a reliable location for future operations.

If you have any questions on this approach or need assistance with his kind of planning, feel free to contact me.

Haans Mulder, JD, MBA, MST, CFP® Partner, Cunningham Dalman, P.C. PHMulder@cunninghamdalman.com

 

Using Outside Directors in Your Family Business

by Mark K. Harder

Publicly traded companies have boards of directors primarily comprised of outsiders. But how many owners of family or other closely held businesses think about, much less have, outside directors for their businesses?

Menu

616.771.0575