For the love of your business

Articles to LIFT Your Life and Business

How Will The Coming Wealth Transfer Affect Your Family and Business?

With more and more Baby Boomers reaching the later stages of seniorhood, the media is abuzz over what’s being called “The Great Wealth Transfer.” This refers to the coming intergenerational transfer of wealth that will occur over the next few decades, as Boomers die and pass on their wealth to younger generations. Because no one […]

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Avoid These 3 Mistakes When Choosing Your Successor

Choosing a successor to take over your business doesn’t mean selecting someone who’s exactly like you or even someone you like. It’s about choosing someone who’s not only well-qualified for the role, but someone who also has the vision and skills to lead your company into the future. With so much riding on your decision, […]

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4 Tips For Running a Successful Business With Your Spouse

Upon first glance, starting a business with your spouse can seem like the ideal opportunity. You get to spend more time together, make money, and build your own company with someone you implicitly trust. If you have an amazing marriage, you should be just as successful at running a business together, right? Unfortunately, it’s not […]

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3 Common Excuses For Putting off Estate and Succession Planning

It seems like every other week there’s another story of a multimillion-dollar family business that falls apart shortly after the current owner steps down or passes away. This sheds light on an ugly truth. Most family businesses are woefully unprepared for the existing owner to depart, especially if it’s unexpected, as is the case with […]

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3 Ways A Lack of Estate Planning Can Cripple Your Company

When running a business, it’s easy to give estate planning less priority than other matters. After all, if you’re facing challenges meeting next month’s payroll or your growth path over the immediate term,  concerns over your potential incapacity or death can seem far less pressing. But the reality is considering what would happen to your […]

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The Tax Benefits of Hiring Your Children Just Got Better

Hiring your minor children to work in the family business is a great way to help them develop a solid work ethic, teach them money-management skills, and fund their savings for the future. But employing your children also comes with a number of valuable tax benefits that you might not be aware of. And following […]

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Choosing the Right Time to Exit Your Business

Like most entrepreneurs, you probably think about the many ways you can help your company take off and grow. But you should dedicate an equal amount of brain power to planning when and how you’ll sell what you’ve built. In fact, deciding when to sell your business can be just as important as deciding when […]

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3 Unparalleled Advantages of Family-Owned Businesses

Nike, Anheuser-Busch, Walmart, Porsche—what do these companies have in common? Outside of being globally recognized brands and generating billions in revenue, they’re also family-owned businesses. Though family businesses definitely aren’t for everyone and come with some unique challenges, for those who are able to make them work, they offer an array of benefits that simply […]

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4 Things You Need to Know About Business Succession Planning

As a small business owner, you’ve likely spent plenty of time working with your business plan. But have you dedicated the same amount of time to planning for the continued success of your company after you retire? Or if you were to suddenly die or become incapacitated? If you’re like most business owners, the answer […]

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How to Deduct $5,250 of Your Adult Child’s College Tuition as a Business Expense

With today’s tuition costs at astronomically high levels, paying for a child’s college education can feel like extortion. If your child is an adult, you may have decided that it’s up to him or her to pay for tuition, but if you do want to help your adult child (or grandchild) with college tuition, there […]

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From Billions to Bust: How the Stroh Family Fortune Was Lost

In 1988, Stroh’s Beer was one of America’s most impressive family fortunes, estimated by Forbes to be worth $9 billion in today’s dollars. Just two decades later, however, the massive beer empire, along with all of the family’s wealth, would disappear. Poor business decisions and bad investments were the primary cause of the company’s downfall. […]

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