Families in business and owners of privately-held companies share similar issues, not only with colleagues in their industry, but also with other family-owned, privately held businesses across all industries.

Beyond the traditional finance, operations, and technology issues, business families face challenges that are distinctive to their situation as a business family. As they build a legacy together, it is important to understand and appreciate the distinctive impact of their family’s philosophy and values on the company’s success.

Interestingly, while most businesses go through a predictable organizational life cycle, a family business has the unique opportunity of repeating the life cycle as each succeeding generation enters into the business and begins the process anew.

The first generation grapples with obstacles common to all start-ups. The founder wears just about every hat in the early years, identifying potential customers, generating sales, managing cash flow, and negotiating with vendors. As the business grows, the founder is able to delegate more duties, hire and train staff, and become more strategic and less hands-on over the years.

But what about future generations? They will not have the burdens common to a newly emerging company, but frequently the second and third generations have a different vision than that of the founders. Each generation, in turn, exerts a strong influence as they lead the company, often taking it in new directions.

While many CPA firms claim they “specialize” in the privately-held, family-owned business sector, they all appear to offer much the same services. At Sobel & Co., we have developed a distinctive, process-driven model that centers on the privately-held/family owned business, helping to guide our clients through each stage of their business life cycle. Through this approach we incorporate and leverage the diverse technical expertise and business acumen of our professionals in order to address all facets and issues facing our clients.

Click on a PHASE to learn more about a family business life cycle model.

In November 2010 Sobel & Co. conducted our first annual survey of families in privately held businesses.  We think the results will add real value for you as a business family.  

"Click here for a snapshot of results of the Sobel & Co.’s First Annual Family Business Survey." 

To discuss your family business concerns and opportunities, please feel free to contact our team:              

Harold Sobel, CPA, Member of the Firm

Glenn Taylor, CPA, Member of the Firm

At Sobel & Co., the Focus is on You

It is our intent to deliver the resources each family in business needs, providing you with access to a wide range of tools and information.

Click here to view "The 2010 State New Economy Index: Benchmarking Economic Transformation in the States"

Click here to take the Sobel & Co. Family Business Self-Assessment Test

Click here to download the MassMutual FamilyPreneurship Study "What Every Entrepreneur Wants to Know About Being in Business With a Family Member"

Click here to download the MassMutual Financial Group “American Family Business Survey” results

Click here to register for the Sobel & Co. Financial Executives’ Roundtable

Click here to download the Laird Norton Tyee Family Business Survey

Click here to download "InFocus" our monthly business newsletter 

Click here to learn how Women in Business benefit from working with Sobel & Co

Articles of interest:

"Family Businesses Catch a Big Break"
February 19, 2011/The Wall Street Journal/Anne Tergesen

It is a gift tax that keeps on giving.

Families now have the chance to pass a substantial stake in their businessses to the next generation-even before handing over the reins.  But transferring ownership can raise complicated succession and estate-planning issues that families need to address before giving away so much as a share of stock.

Click here to view the whole article.

 

"Non-Family Member in the Driver's Seat"
Autumn 2010 Issue/Family Business Magazine/Margaret Steen

A new challenge to succession planning for the family owned business -

Often times family owned businesses are being run by family members that do not fit in the role of business leader.  Read about one family's decision to bring in a non-family member to run the business.
Click here to read the whole article.

"Having the Family Name as Your Brand"

Family owned businesses have outperformed their public counterparts by as much as 158% over a ten year period.  How effectively are you using the family brand in marketing to your customer base?  The attached article talks about some well known family brands that are effectively using the "family" name in the marketplace.  Test your knowledge of which companies are family owned - www.imd.ch/brandtest.    Click here to read the whole article.

Helpful links:

www.rothman-fdu.org

www.familybusinessmagazine.com

www.ffi.org (Family Firm Institute)

www.dvfbc.com

Proud Sponsors of the Fairleigh Dickinson Rothman Institute for Entrepreneurship's Family Business Forum

 

 

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