Year-End Family Business Strategy and Preparation

By Allen Hovious, President, LBMC Planning Services 
 
Thanksgiving and Christmas are great family times, and there are numerous opportunities to enjoy the family and bring them closer together. These special times may also be good for engaging family members in meaningful discussions about the family business. 
 
Following are some suggestions for end-of-year conversation starters as they relate to your family business planning and strategies:
  • Year-end is a great time for reflection on what went well and what didn't go well. 
  • A new year is a fine time to look forward, and with the holiday time, there is an opportunity to think three or four years ahead and talk about some long-term business strategies and goals. 
  • You may choose to give a gift of ownership. Bring the family into your business with stock options or make them partners.
  • Do you know what your business is now worth? Do you know what it was worth a year ago? A good business valuation on an annual basis is always a good way to measure your efforts.
Planning is an essential requirement of every successful business. Planning helps companies achieve both short- and long-term goals by maximizing resources and investments and providing a clearly defined direction for decision making. 
 
Organizations must remain disciplined and focused in their planning and implementation to see the tangible results of those efforts. When they do plan effectively and implement purposefully, companies are much more likely to realize competitive advantages and sustainable profits.
 
For more information about strategic planning or family business transitions, please contact Allen Hovious at (615) 309-2241 or by e-mail at ahovious@lbmc.com. Read more about LBMC Planning Services.
 
Related articles:
 
About the author:
Allen Hovious is the president of LBMC Planning Services. He has a wide range of consulting expertise, including strategic management, succession planning, image-driven marketing and branding, information strategy, and organizational productivity. His unique method of diagnosing an organization's strategic needs and his low-key team approach to implementing the plans have earned him long-term relationships with many nationally known companies, such as BMI (Broadcast Music Incorporated), Jack Daniel Distillery, Diners Club International, and Sara Lee Foods.
 

You may like these other stories...

Remember the old joke about the devil showing a guy around Hell? There were great parties, swimming pools, and sumptuous food. The guy liked what he saw, lived a bad life and went to Hell when he died. Upon arrival the devil...
Hertz withdraws full-year forecast, cites accounting review, challengesRental car company Hertz Global Holdings Inc. said on Tuesday it is withdrawing its full-year financial forecast and expects 2014 results to be “...
Amelia Emmert, a manager in Assurance at EY, always had a quiet concern for conservation: taking little steps to make small differences to better the environment, like turning off the lights and "vampire"...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.