Owners of family businesses sometimes find themselves spending more time working in the business than working on it, specifically on ensuring its longevity. This is partly due to dynamics which may require owners to choose between what’s optimal for their business and what’s best for their family.
Pressure is building for professional services firms to tackle industry trends head-on, including M&A strategy, technology adoption, tax considerations, and succession planning. Some are also rethinking fee structures and commoditizing service lines; others are restructuring their partnership agreements and expanding their global reach as part of improving their client experience and meeting expectations. Instead of simply reacting to megatrends, competitive organizations and future-focused firms are making changes.
Effectively transitioning a business to the next generation of owners through a business succession plan that incorporates estate tax planning will result in the most value being retained by the owners and their families. Whether the business is entirely family owned or has unrelated owners, each scenario comes with its own complications but with considerable overlap in planning opportunities.
Enhancing risk management is no longer optional but essential when the global landscape is fraught with uncertainties and disruptions that include changing business dynamics, shifting trade tensions, a tough tariff environment, geopolitical conflicts, and a volatile economic landscape. Building resilience across all aspects of the business is imperative now and for the long-term.
At the current rate of progress, a young woman starting her career today will be working for more than a quarter of a century before she can expect to work at a mid-market firm with gender parity in top roles. While understanding that gender diversity is a fuel for potential growth that brings benefits to the bottom line, many businesses often lack a clear purpose behind their gender equality strategies at the risk of another missed generation of opportunities. This year’s Women in Business research gives reason for optimism and there is a great deal to learn.
When companies gather and use behavioral insights to accelerate behavioral and cultural change, they can have a positive impact in their company’s vision, priorities, work environment, and more. By understanding what employees are doing—in addition to how they are feeling—companies can address the people and culture issues that can hold back transformation and value realization. Here, we identify five key steps to using behavioral data effectively to support and foster a successful cultural transformation in your workplace.
Building and running a successful business can be hugely rewarding, both personally and financially, but it comes with unique challenges and risks that require the business owner to be prepared for the unexpected. A solid business plan is perhaps the best line of defense against unforeseen events that could derail a business. A close second is insurance. When used as a strategy for your business, both liability insurance and life insurance can help you protect what you’ve built, protect your family, and make succession planning easier to ensure a bright future for both.
Artificial Intelligence (AI) is rapidly becoming an integral part of our daily lives and workplaces. With AI’s growing prevalence, organizations must consider developing not only an AI strategy but also a robust internal AI policy. This guide outlines the reasons for establishing an internal AI policy, the stakeholders involved, essential policy components, and best practices for communication and implementation. HR departments should also create their own AI policies, focusing on areas such as recruitment, onboarding, training, timekeeping, and compliance.
With artificial intelligence’s (AI) prevalence, companies must consider developing not only an AI strategy but also a robust internal AI policy. Download this checklist for a step-by-step guidance on how to create an internal AI policy for your organization. For the in-depth insights on developing an internal AI policy, explore the Comprehensive Guide.
Preparing yourself and your family can be one of the most overlooked parts of a business sale and exit strategy. But it goes beyond maximizing tax efficiency and unlocking newfound wealth—it’s a monumental transition filled with emotional considerations. This article outlines key questions and critical areas of considerations for business owners and provides a hypothetical case study of how a company founder can maximize after-tax proceeds from a sale.