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Business Transition and Exit Planning: Welcome to the Jungle!
BTEP: Where Should You Start? You are a business owner. You have worked hard, possibly for decades, building your business. You are smart, and the business has been successful, but it is time to move on. Perhaps you want to[...]
An Experienced Executive May Make an Effective Board Member
What Makes a Successful Board Member? [Editor’s Note: if you are an experienced CEO, CFO or another executive, you may be thinking about putting your hat in the ring to be a director of another company. Or, perhaps you are[...]
Get the Most out of Your Marketing Team, Agency or Consultant
Here's How to Optimize Your Marketing Team One of the most important jobs for any leader is to marshal their resources to optimize performance. Whether those resources include budgets, employees, outside consultants or even your own time – knowing how[...]
How to Pursue Your Family Purpose (And Why You Should)
How Your Family’s Mission, Vision and Values Can Make You Wealthy and Fulfilled Wealth is a means to an end – living a great life. Successful families work hard to build wealth, not for the sake of achieving some number on[...]
Lessons on Investing like an Angel
Editor’s Note: This is an updated version of an article first published on March 6th, 2014. Around the time the JOBS Act became law in 2012, some angel groups expressed concern that equity crowdfunding would hurt them on two counts. First,[...]
CHAPTER 1: Alternative Assets and the “Average” Accredited Investor
Who Is This Series For? This series of articles is written for the average “accredited investor.” An “accredited investor” is a legal term that refers to anyone (a) whose net worth, either alone or with a spouse, exceeds $1 million[...]
The Cost of Clutter: Physical, Emotional and Digital
How Much is Clutter Actually Costing You? What if I told you that digital and physical clutter negatively impact your productivity and performance? Similar to multitasking, clutter of all types overloads your senses causing your brain and body to feel stressed[...]
So. Much. Winning. Let’s Party Like It’s 1984
The S&P 500 fell 2.3% and the Dow fell 2.2% on Friday. Is the sky falling? Look, short-term market swings do not define an economy. On the other hand, a market that constantly swings based on what a single man[...]
Don’t Assume You Will Send Your Kids to College: An Investment Thesis
Is a university degree a good investment? The Economist Magazine asked this question last year and while the article concludes that statistics support the proposition that a college education generally makes good financial sense, it also concludes that, “like so much else in economics, [it] boils down to supply and demand.” In other words, a college education does not always make sense from a strictly financial perspective.
Family Governance is Not Business Governance
Family Businesses Need Strategies to Govern Both the Family and the Business Family businesses are unique and the way they are run differs from family to family. Each business has varying degrees of corporate governance. Formal governance structures grow as the[...]
Ten Best Food Documentaries: Sustainable and Beyond
Get Smart with the Ten Best Food Documentaries I am a sucker for a good food documentary. I love to learn more about how our food is made, how it affects our world, and how it affects our bodies. Many[...]
Breaking Up Is Hard to Do: Surviving a Business Divorce
Conflicts between business partners are nearly inevitable. Thankfully, there are a number of ways for parties to negotiate up-front. Precautionary agreements give you space to resolve issues more easily or, at least, provide a picture of what the result will be when resolution is not possible.
Solving Familial Business Issues: Putting the “Family” in Family Business
A Family's Most Valuable Business Asset is Itself The component to family businesses that make them unique from other businesses is the family. Solving family business problems without understanding the family dynamic is akin to a placing a bandage on[...]
A Brief History of Venture Capital
The term “venture capital” is typically associated with high-risk, high-growth potential start-ups that may sink or soar depending on a number of external factors. Any investment in a start-up, however, can be called a venture capital investment, though a common hallmark of venture capital investors is that with their investment they obtain some level of influence over the company in which they invest.
The Strategic Value of Accelerators: How They Can Benefit the Business at any Stage
How Accelerators Can Help Your Business Grow Startups need money to, well, startup. In order to get money, fundraising is a likely path that most startups will travel. There are many different funding sources available, and the usefulness of each[...]
Carveout Guaranties to Non-Recourse Loans
The A to Z’s of Carveout Guaranties When utilizing a loan to acquire an investment property, there are two basic types available to the buyer: recourse and non-recourse. Regardless of the type of loan, the borrower may be asked to[...]
A Brief Overview of Investing in Life Settlements
The legality of investing in life settlements* (also referred to as a "life settlement") traces back to a 1911 Supreme Court decision, Grigsby vs. Russell, 222 U.S. 149. In Grigsby, a life insurance company refused to pay out the death benefit proceeds on the grounds that the policy had previously been sold to a third party who had no insurable interest in the insured.
Banker, Broker or Sell it Yourself: Choosing the Right Method When Selling Business
So You're Selling a Business: Now What? For most business owners, selling a business is a once-in-a-lifetime event. These owners want to maximize their proceeds and they may be super salespeople, but likely have little experience selling a business. In fact,[...]
The Risk of Food Scarcity Creates a Need for Investment
Agriculture, as an investment sector, is in its infancy. Even though agriculture accounts for 3% of global economic activity, related public markets are still severely under-developed. In addition, the sector has recently been out-of-favor; so many investors are either ignoring or overlooking its longer-term potential.
The Worst Tolerated Behavior Defines Your Organizational Culture
A Company Is Only as Good as Its Worst Behavior What is the worst behavior that your company’s leadership will tolerate? Think about it for a minute. That behavior, particularly if it is repeatedly tolerated, defines your organizational culture. There[...]
Onwards and Upwards: Processing Failure in the Professional Setting
How to Move on Quickly and Successfully We have all experienced failure in our professional lives. And while no one enjoys opening old wounds, it is important to examine our failures so we can learn from them. In the workplace[...]
Accredited Investors: Know Your Online Securities Intermediary
The market for online alternative investments has been growing at a steady pace the past few years. Issuers of private placements have realized that they have the opportunity to reach a larger number of accredited investors by using third-party internet platforms. As an investor, it is important to know what distinguishes each type of platform out there, and what to watch out for when considering an online alternative investment.
Customer Relationship Management is the Key to Retaining Customers
Let’s Make this (Customer) Relationship Work The customer relationship is one of the most important relationships a business will have. As companies grow, expanding their customer base, their sales and marketing activities can become vastly more complicated. Companies that have[...]
Being Fit and Healthy Starts with Weekly Meal Planning
Weekly Meal Planning for a Healthier You and a Happier Bank Account Being fit and healthy impacts more than just clothing size. Research has shown that employees with a healthy BMI earn more money over the course of their career[...]
Employers of Foreign National Workers Need to Know This About Employer Site Visits
An introduction to Employer Site Visits It is nearly impossible to imagine the modern U.S. workplace without foreign nationals. Companies across the nation, in a wide variety of industries, rely on their specialized knowledge and invaluable professional experience to remain[...]
Musings and More About “Market” Terms in Transactions
An Overreliance on Market Terms Business professionals commonly negotiate transactions by reference to what is “market.” This makes great sense for the people who are responsible for negotiating price. Valuation and pricing methods are relatively tried and true after all,[...]
The Importance of Succession Planning for a Thriving Family Business
Succession Planning Means Looking Beyond the Second Generation Most family businesses don’t make it beyond the second generation. Even fewer reach the third generation of ownership. Why is that? As much as one generation would like to hand the business[...]
Organizational Pace of Change: Surviving and Thriving in Our Fast Paced World
Change is Constant, the Pace of Change Increases Our world is constantly changing but the pace of change has increased exponentially. The way we adopt and adapt to new technology far outpaces 10, 20 or 50 years ago. People expect[...]
How to Dress Professionally with Style (Without Breaking the Bank)
Your Closet and Your Career Will Thank You You have finally decided that it is time to amp up your wardrobe! Boring black pants and a button-down shirt are not cutting it anymore. You want to get noticed by your[...]
Private Investment Fund Terms and Conditions: The Relationship Between GPs and LPs
Striking a Balance in the Relationship Between GPs and LPs The relationship between GPs and LPs- that is, between a “General Partner” and “Limited Partners” in the multi-trillion private equity industry is a complex symbiosis. General Partners (GPs) are the[...]
Advantages and Disadvantages of Single-Tenant v. Multitenant Investment Properties
Is One a Better Investment Than the Other? Some of my investors have recently expressed concern about owning single-tenant properties. They cite the all-or-nothing risks of occupancy and renewal as the primary objections to these types of investments. These are[...]
Critical Considerations When Selecting a Private Equity Manager
Editor's Note: This is an updated version of a similar article published on February 3, 2016. This article updates, amends and supersedes that earlier article. Nobody Said It Was Easy (Selecting a Private Equity Manager) Selecting a private equity manager[...]
This Lawsuit Goes to 11: Fraud and the Economic Loss Rule
The “This is Spinal Tap” Lawsuit If you’ve never seen This is Spinal Tap, close your browser immediately and watch. The 1984 “mockumentary” about a fictitious British rock band touring America belongs on the Mount Rushmore of movie comedies. It birthed[...]
The Advantages of a Buy-Sell Agreement for Business Transitions
How Do I Love Thee Advantages of a Buy-Sell Agreement? Let Me Count the Ways... Businesses with more than one owner face unique challenges in planning for the future. A buy-sell agreement is an arrangement between business partners to govern[...]
Understanding “Reasonable Cybersecurity Measures” to Safeguard Data
Reasonable Cybersecurity Measures for Protection After collecting personal information, businesses must take “reasonable measures” to safeguard it. Some states, such as Florida and Alabama, have this standard (or a similar one) in their cybersecurity statutes. On the federal level, the[...]
Your Wealth Is Entropic: Use It (Or Not), You Will Lose It
Like Life Itself, Your Wealth is Entropic The hard truth about life is that the moment we are born a process begins that leads to our death. While some days are better than others, our cells and our bodies are[...]
The NYC Bar Versus the Litigation Funding Industry
Let's Talk Litigation Funding A July 30, 2018, legal ethics opinion from the New York City Bar Association (“NYCBA”) raises concerns about a common structure used for funding of litigation. In particular, the NYCBA Professional Ethics Committee concludes: “Under Rule[...]
Business Valuation Tax Act of 2017: Comparability and Calculation
What is the Business Valuation Tax Act of 2017 Anyway? The Business Valuation Tax Act of 2017 (Tax Act) has introduced changes to the financial and regulatory landscape that specifically affect business valuation in the context of C-Corporations. This article[...]
Overcoming Common Business to Business Sales and Marketing Challenges
Show Business to Business Sales and Marketing Who’s Boss Businesses that focus on selling products and services to other businesses are very similar to those that sell to consumers. The differences between the two lie in their sales and marketing[...]
Parenting Past Fear to Help Set Children Up for Success
Parenting the Whole Child for Successful Living Raising children is a lot of things. It’s exhilarating, exhausting, loving, caring, difficult, rewarding, and can be really scary. The vulnerability of a parent can be overwhelming and truly a kind of vulnerability[...]
Understanding the Language of the American Federal Legal System
Editor's Note: This is an updated version of a similar article published in November of 2015. To view the original, click here. Americans take great pride in saying that ours is a nation of laws, not people. But resting on[...]
The Real and Rising Threat of Cybercrime for Small and Mid-Sized Businesses
For the Threat of Cybercrime, Get a Cyber Liability Policy If cybercrime were a nation state, it would be the world’s 13th-largest by GDP, just ahead of Australia. The threat of cybercrime can take many forms – from hijacking sensitive[...]
Small Businesses Are Key to Driving Economic Recovery
Editor's Note: This is an updated version of a similar article published in March of 2015. To view the original, click here. Creative Capital is Driving Economic Recovery As small business owners get creative in raising capital, the economy is[...]
Guidelines to Improve Banking Relationships (What Does Edgar Allan Poe Have to Do With It?)
Good Character and Cash Flow Improve Banking Relationships Typically, there is significant triage to be done before determining if you can improve banking relationships. Most often, the problems come back to cash flow and misunderstanding what banks do. While Boards[...]
Overcoming the Biggest Consumer Sales and Marketing Challenges
Consumer Sales and Marketing Challenges That May Challenge You Too Consumer-focused businesses have three key challenges: Understanding what the customer/market wants Targeting the right segments Differentiating what they offer from what their competitors offer In all my years creating marketing[...]
The Legal Implications of Cybersecurity When Collecting Personal Information
Understand the Stakes of Collecting Personal Information Cybersecurity law has been called many things in recent years—evolving, complex, varied, cutting-edge, even hilarious. Ok, maybe not the last one. But I would offer another phrase that can serve as a key[...]
Recognizing Tipping Points to Keep Family Wealth in the Family
Preserve Wealth by Recognizing Tipping Points Families that have worked extremely hard to build wealth find it even more difficult to preserve that wealth over time. Often, the concern is that a wealthy family could go from shirtsleeves to shirtless in[...]
Retaining Tribal Knowledge For Your Company’s Long-Term Health
Tribal Knowledge: Be in the Know America is getting older. Not just in terms of it having a birthday every year, but in terms of the percentage of people closing in on retirement. You can thank the aging Baby Boomer[...]
Is Our Obsession with Consuming More Protein Killing Us?
Consuming More Protein Is Consuming Us Walk down a grocery aisle, or do a quick Google search on weight loss, and you will be inundated with low carb, high protein diets, articles and products. Low Carb, Paleo, Keto, Eco-Atkins, Zero[...]
Millennials in the Workplace Want These 4 Qualities in a Company
Millennials in the Workplace Want to be Understood The Leading With Courage Academy recently led a panel discussion on millennials in the workplace, and how to better incorporate this unique demographic into your culture for greater success. During that discussion,[...]
Smart Giving Gives Back: The Surprising Benefits of Organized Philanthropy
It’s not Selfish to Reap the Benefits of Organized Philanthropy Bringing family members together to invest philanthropically is a game changer, but organized giving can challenge even the strongest families. Yes, philanthropy is about generosity, but it can also feel[...]
For Better Venture Capital Value and Returns, Look to the Midwest
Midwest Is Best When It Comes to Venture Capital Value Readers of my earlier Financial Poise articles may remember this: I am a rare breed, a value investor who also loves to talk venture capital value. Seems strange? I’ll explain.[...]
Using a Travel Agent to Plan a Trip Costs Nothing but Will Improve Everything
Using a Travel Agent to Plan a Trip is a Necessity Not a Luxury You know taking a vacation is great for your long-term job performance, stress levels, and overall health, and you finally got your spouse to agree to[...]
Developing a Branding Strategy for Your Startup or Small Business
Everyone Who's Anyone Is Developing a Branding Strategy “Branding” is a word that gets thrown around a lot these days. From individuals developing personal brands to professionals tasked with complete makeovers for iconic brands like FedEx, UPS, and KFC (notably[...]
Qualified Business Income: What to Expect from New Sec. 199A Updates
What Qualifies as Qualified Business Income? In the six months following the passage of the landmark Tax Cuts and Jobs Act, the business community has been anxiously awaiting clarifications on certain aspects of the legislation. Specifically, the area that defines[...]
Identifying Different Types of Medical Identity Theft: It Can Happen to You
Medical Identity Theft is a High Cost Crime Norah said she thought it was odd when she received a letter from her insurance company denying a $7,000 insulin pump. She wasn’t a diabetic. That letter should have been an alert[...]
How Blockchain Technology Will Change Finance Forever
The Financial Market is Reaping the Benefits of New Blockchain Technology Technological advancement is accelerating at an extraordinary rate. Yet, finance and capital markets, which operate within a restrictive regulatory environment, have been resistant to adapt to this phenomenon. The[...]
Best Practices in Family Office Structures: Mistakes Can Cost Millions
Lessons in Structuring Family Office Structures The number and sophistication of family offices has grown substantially over the past several decades. In fact, some estimates suggest that there are more than 3,000 family offices managing trillions in private wealth. This[...]
Five Reasons Why Hiring a Corporate Trustee May Be the Right Move
Death and the Distribution of a Descendant’s Dough A trustee manages the assets, distributions and other obligations under a trust agreement. A corporate trustee is an entity, such as a bank-owned or independent trust company. There are many types of[...]
Always Balance Family and Business in a Family Owned Business
Family Owned Business: The Other Side of the Coin On February 19, 2018, Financial Poise published an article by Bruce Werner, the regular contributor to this column, entitled, “Effective Private Company Board Strategies Drive Goals to Completion.” Bruce highlighted that[...]
Evaluating Future Hedge Fund Returns: Beyond the Numbers
Driving Future Hedge Fund Returns, Performance With so many articles about “hedge fund performance” popping up recently, investors are right to wonder what is driving this increase in returns and renewed investor interest. With thousands of funds spread across multiple[...]
Families in Business: Mapping Out the Future with Family Business GPS Systems
Many Paths, Much Resistance for Families in Business I’m old enough to remember maps. Yes, physical, paper maps that you bought at gas stations or got for free from the AAA office. Once unfolded, they never went back to the[...]
The “GD” GDPR: European Union Data Privacy and Protection Regime
The New Rules of Data Privacy and Protection You’ve probably heard the letters GDPR everywhere lately. “What do they mean and why do I have to care?” is probably your common response. This article seeks to provide you with an[...]
Don’t Go It Alone: The Best Advisor You Can Hire Is Worth Every Penny
The Best Advisor You Can Hire Would Hire Herself, Too The best advisor you can hire will be a clever and a creative problem solver who interacts with you with total integrity, honesty, and ethical conduct. The worst? Someone’s goal[...]
Ten Reasons Why the Blockchain Won’t Be Stopped (And Shouldn’t)
Blockchain technology is here to stay. Here are 10 reasons why the blockchain won’t be stopped: 1. The Blockchain Won’t Be Stopped: It’s a Technology Wave We’ve seen technology waves before. The PC wave distributed computer power to everyone. The[...]
The Risks, Rewards and Challenges of Investing in Real Estate
Get Started Investing in Real Estate If you want to invest your savings prudently, there are plenty of alternatives available. Investing in real estate, savings accounts, stocks and mutual funds, hedge funds, precious metals, oil and gas and cryptocurrencies all[...]
Increase Sales and Profits by Becoming Customer Centric
Customer Centric Means It’s Not All About You Customer centric: a fancy phrase for a very basic concept. It means focusing on what your customers want and need. Yet for such a basic concept, it amazes me how many companies[...]
What You Need to Know About ‘Trade Tariff Talk Tantrums’
What is Given Can be Taken Away Policies from government have driven the markets in the recent past. The domestic equity stock market (i.e., S&P 500) increased 7.3% after Congress passed tax reform. However, steel and aluminum tariff news pulled[...]
How Small Business Owners Can Save on College Costs
10 Strategies to Help You Save on College Costs For small business owners, understanding three little words—expected family contribution, or EFC—can save on college costs (we’re talking thousands of dollars). How you structure your business, where you hold assets and[...]
Addressing the Various Needs of Special Needs Parents
The Unique Financial and Personal Needs of Special Needs Parents I remember being in the crowded elementary school gym one time, when people literally just stepped over my daughter while she was having a seizure, as though she were a[...]
How to Anticipate Contract Issues Before You Sign (And Why You’ll Be Glad You Did)
Anticipate Contract Issues to Save Yourself a Headache When we negotiate a deal, the paperwork is intended to document the deal. If necessary, the paperwork is supposed to ensure that all parties keep their commitments. But I’ll admit it: I’m[...]
Studies Prove Having Both Brains and Money Are Connected
This is Your Brain on...Money. Any Questions? Economists have considered money from every angle for ages, but research in the field of neuroeconomics is relatively new. Neuroeconomics is the study of how humans make decisions using brain activity (neuroscience), economics,[...]
Measuring a Company’s Value: Cash Flow vs. EBITDA for Investment Performance
Editor's Note: This is an updated version of a similar article published in March of 2015. To view the original, click here. Using Cash Flow vs. EBITDA to Determine Value How do you monitor your investments’ performance? If the company is[...]
Attorney Immunity? The Allen Stanford Ponzi Case Sparks Debate
The Fraud at Night, It Shines So Bright… In 2012, Allen Stanford was convicted of running a Ponzi scheme and sentenced to 110 years in prison. As the New York Times reported, Stanford, “is now a shadow of the swaggering[...]
Three Ways to Drastically Improve Portfolio Performance with Hedge Funds Based on Your Financial Goals
A Primer on Hedge Fund and Portfolio Performance Evaluating hedge fund performance is challenging because it involves many different investment strategies employed by thousands of funds across a global $3.2 trillion industry. While many investors will analyze a previous track[...]
It Works Until it Doesn’t: Why Assessing the Rules of Your Belief System and Values is Necessary
Your Belief System and Values are Fluid As much as we like to think that our belief system and values are defined by independent and reliable decision-making, we are only about half right. Everyone carries an embedded list of “shoulds”[...]
Using Cash Instead of Credit to Keep You Accountable for Your Spending (and Out of Debt)
Get Out of Debt by Using Cash Instead of Credit When Jenny and Kenny (the “Chargers”) came to speak to me the first time, there were raised voices and accusations. The Chargers recognized their spending had become out of control,[...]
The Many Challenges Ahead for Private Equity Investing
Editor’s Note: This is an updated version of a similar article published in January of 2013. To view the original, click here. Private Equity Investing Has Exploded Over Past 10 Years The mindset in private equity investing doesn’t seem to[...]
Fighter Jet Fast: Making Business Decisions to Accelerate Growth
Making Business Decisions Air Force-Style In business, there are undoubtedly days when you feel like you’re constantly moving at speeds faster than Mach 5. With all the chaos that can ensue with endless meetings, calls, emails and more, it can[...]
Investing in Comic Books Can Be a Blast in More Ways than One
Investing in Comic Books is No Joke Fueled by the prevalence of top-grossing movies featuring comic book superheroes, interest in comic books is on the rise. In 2017, five of the 10 highest-grossing movies were superhero stories and the popularity[...]
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