Robert A. Imparato, Jr CFP®

CERTIFIED FINANCIAL PLANNER™ professional

 

Craig A. Hyldahl CFP®

CERTIFIED FINANCIAL PLANNER™ professional


R.I.C.H. Planning Group, LLC

90 Woodbridge Center Drive, Woodbridge, NJ 07095


Robert:  732-326-5240

Craig: 732-326-5240

Fax: 732-326-5331 


Robert: robert@richplanninggroup.com

Craig: craig@richplanninggroup.com

Website: www.richplanninggroup.com

September/October 2019

Family Matters

Article Image

If starting and running a successful business is difficult, doing the same as a family business can seem next to impossible. You can avoid the pitfalls by setting and following some ground rules. Here are a few to consider:


Business is Business
Family businesses are no different than any others when it comes to needing plans, structure and follow-up to succeed. Begin by drawing up a five- or 10-year plan that states your company’s goals and strategies. Detail what family members will do and how they might proceed through the organization during this time. For the sake of business harmony, do not treat them differently
than employees with the same responsibilities.


Follow Up
Plans and rules aren’t worth a thing unless you follow up and communicate good news and bad news regularly. Periodic communication, best established as a weekly or monthly occurrence, can help prevent misunderstandings before they start.


Insurance is Insurance
As with any business, a family business requires all types of insurance to financially protect against property and auto damage, general liability, poor employment practices, errors and omissions, injuries on the job and more.


Unlike other businesses, your family firm may want to structure a financial plan to help family members assume ownership while you work, after you retire or in the event of your death. Also consider how you might equalize your estate for family members outside the business. Often, life insurance can provide a cost-competitive way to do this.


Family is Family
Treating your family member as you would any other business associate works when you’re on the job. During family time, it’s best to keep business out of family affairs. Running a business is hard, and family businesses often find their difficulties increase exponentially because of close ties.


Don’t treat family employees more harshly or leniently than other workers, and don’t offer jobs to family members who don’t have the will, experience or personality necessary to succeed. Another way to avoid a ton of stress and keep the family happy is to set strict rules about what, if any, business issues you discuss during your off time.

GE-2441510b (04/19)(Exp. 04/21)


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox every month.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Securities offered through AXA Advisors, LLC (212-314-4600), member FINRA/SIPC. Investment advisory products amd services offered through AXA Advisors, LLC, an investment advisor registered with the SEC. Annuity and insurance products offered through AXA Network, LLC and its insurance agency subsidiaries. AXA Network, LLC does business in California as AXA Network Insurance Agency of California, LLC and, in Utah, AXA Network Insurance Agency of Utah, LLC. AXA Advisors and its affiliates do not provide tax or legal advice. CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc.
These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
R.I.C.H. Planning Group, LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.