The Non-family Members of a Family Business

 

The Non-family Members of a Family Business

Delaware Business Review
by Nancy F. Blumberg, CPA, CFP
Simon Master & Sidlow, P.A.

Key non-family personnel are just as important to successfully operate a family business as family members are to the business. Attracting and retaining these non-family members will help the family firm grow and prosper.

There are a number of creative ways to keep those key employees happy without jeopardizing the family’s control of the business. To determine the most rewarding benefit to the key employee, first the owners need to be aware of the non-family manager’s expectations and concerns.

It’s not unusual for a key non-family employee to expect sick leave, disability, retirement and medical benefits.This employee will expect to be comparably compensated to others on his level in the industry.

Concerns that need to be addressed are: if the employee remains healthy, what will the employee have at the end of this tenure?Also, what happens if the company goes through a succession during the employee’s tenure – what part will the employee play? More…

Naming an Executor is Important

Naming an Executor is Important

The News Journal
by Nancy F. Blumberg, CPA, CFP
and John H. Sterling, CPA

Simon Master & Sidlow, P.A.

What is an executor of a will?It’s the person who handles the deceased’s affairs during the probate process.Without a will, the court will appoint someone to perform this function.

Therefore, it is important while a person is making out a will to name an executor and get his or her agreement to perform this function.It is also important for the person to discuss the responsibilities of the executor so the person knows what is expected.

Many people don’t realize the work that is involved.The executor’s job usually involves lots of time and effort and frequently exposes him or her to personal liability.

The executor locates the will, offers it for probate in the proper court, collects the assets so they can be distributed according to the terms of the will, safeguards the assets and makes sure they are appraised, files the necessary federal and state tax returns, pays any related taxes, cancels credit cards and various accounts, pays the debts of the estate and distributes the assets of the state. More…