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What is a Family Business Charter and What Should it Include?

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Developing a family business charter helps individuals with differing points of view learn to work together in the spirit of collaboration toward a greater good — the health of the family and the business. Designed specifically for families in business together, a family business charter documents the shared understanding between the owner/founder and family members […]

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Hiring and Retaining A Skilled Workforce: Guidelines for an Employee Bonus Program

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In our conversations with manufacturers, we often hear that workforce hiring and retention is their greatest stressor in this post-COVID era. Many manufacturing companies share the challenge of finding workers who are willing and able to perform the skills necessary to fill open positions. Scroll news feeds, read industry information, or listen to podcasts from

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Securing Your Business Legacy: The Essential Guide to Exit Planning

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As a business owner, you’ve poured your heart and soul into building your company. But have you given thought to what happens when it’s time to step away? Exit planning is a crucial step that many entrepreneurs overlook, often until it’s too late. Let’s dive into why exit planning matters and how you can start preparing for your business’s future today.

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closely-held businesses Connelly vs United States

Connelly v. United States: Closely Held Corporations and Unexpected Estate Taxes

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the recent decision in Connelly v. United States should encourage owners of closely held businesses to take pause and evaluate the unexpected federal estate tax consequences which Key Person Insurance could have for the deceased owner’s next-of-kin.

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Audit Requirements for Defined Contribution Plans are Changing

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There is some exciting news, especially for smaller plan sponsors of defined contribution plans. The Department of Labor (DOL) has revised the Form 5500 and instructions for 2023, bringing about a substantial change in the criteria used to determine the requirement for an audit. Updates to Participant Count Methodology  Employee benefit plans that filed as a large

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5 Steps to Take When A Cyberattack Strikes

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Since the COVID-19 pandemic, there’s been an enormous uptick in the number of cyberattacks and the amount of damage they cause. This damage, which has disproportionately affected small and mid-sized businesses is now a top-of-mind concern for any organization that values its long-term stability and profitability. While there’s been a lot of advice out on the

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Graphic with text how to manage employees in family business

How to Manage Employees in a Family-Owned Business

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Family-owned businesses account for 59% of the United States’ private sector workforce, employing more than 83 million people, according to familybusiness.org. Suffice it to say, family firms make up a significant portion of the economy, with businesses large and small sharing common challenges with managing the employees that drive business growth. While family businesses, overall,

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