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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
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 differentlythan 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)
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