Succession Planning

Succession Planning

by Adriane B. Miller

Small, closely-held companies must confront this thorny issue.

John R. Beever doesn’t know how his business would function if he fell out of an airplane today–but he’s prodding his family and key managers to discuss it.

Mr. Beever, 59, runs family-owned John Dittmar & Sons, Inc., a Baltimore custom woodwork manufacturer that his great-grandfather started in 1876.

But discussing the future raises difficult questions. Mr. Beever’s two sons, Geoffrey and John C. are in their 30s and vice presidents of the firm. Both are enthusiastic about the business, both are bright. Both want to succeed their father. More…

The Politics of Trying to Work With Relatives

The Politics of Trying to Work With Relatives

Delaware Business Review
by Howard H. Simon, CPA and Jill R. Lock
Simon Master & Sidlow, P.A.

Relatives working in a family business can help the company flourish if certain considerations are given.By adhering to certain rules and guidelines both the relative and the business have a better opportunity to prosper.

When hiring a relative, certain rules must be set and enforced at the onset.The rules should be stated clearly, communicated honestly and applied fairly to all relatives.

The formation of the guidelines depends upon the family’s philosophy, mission, size, industry and resources available.Those guidelines must be consistent with the family’s values. More…