Hubler for Business Families

Ownership Planning is a part of succession planning having to do with how the ownership is transferred to the next generation. It focuses initially on the economic security issues for the parents and determines whether or not the stock will be gifted, sold, or the form in which it will be transferred. This is a highly technical area of planning that includes a multi-disciplinary team of advisors to assist the owner-entrepreneur in the completion of the Ownership Plan.

Related to the Ownership Plan is the Estate Plan. The five priorities for estate planning include:

A decision about whether or not there will be another generation of the family involved in ownership
Economic security for the parents
Equitable treatment of the children
Minimization of estate taxes
Family awareness about the plan

Ownership planning also includes wealth preservation planning, as well as wealth preparation planning. Wealth preservation planning is where the owner-entrepreneur work with his/her advisors to preserve the wealth that they have created. Related to this is wealth preparation planning which is planning for the impact of money on the family so that the adult children and grandchildren are not corrupted by money, and that the family can live consistent with its values regarding money.

Another aspect of ownership planning is determining a family policy about distributions and whether or not there will be distributions above and beyond the distributions for tax purposes. It is often a delicate issue in family businesses and is something that needs to be addressed directly.

The final aspect of ownership planning is the development of the board of directors. When necessary, the creation of an active governance function within the family business.

Through Family Philanthropy and Service Wealth Enriches Your LifeThe family, business and community all benefit from acts of philanthropy and service. Family philanthropy and service allow you to express your values in meaningful and tangible ways.The Successful Family Business is Both a Successful Family and a Successful BusinessThe leader of a successful family business has to answer two questions that the leader of a publicly held company doesn't have answerHeritage is the DNA of Your Family BusinessHeritage will never show up your family business's balance sheet, but it is one of your richest assets.Where Does Your Family StandYour family values live in your family business. This business legacy contains powerful emotional forces like belief, fear, control and acceptance. Under the stress of change, especially succession, those forces become even more evident-and perhaps conflicting.Family Wealth ManagementAn important part of wealth management is often overshadowed by the amalgamation of wills, taxes, trusts and investments that make up the financial side. The often-neglected side of wealth management is its emotional side. The emotional side of wealth management requires managing the impact wealth has on family relationships.Attuned to the Importance of Wealth PreservationWealth preservation is important for your family-owned business because it impacts both the family and the business. Protecting economic security benefits both the business and personal relationships. For family businesses, particularly those preparing for a transition in management, wealth preservation is a top priority.The Richness of Your Family Legacy Articulated and PreservedYour legacy weaves together the spectrum of values, emotions, relationships, and personalities found in a family with the ambitions, struggles and successes of business. Have you ever looked at your unique tapestry?Fine Tuning Your LegacyI would suggest that legacy is both financial and non-financial. I have come to look at legacy as your gift to the future to help others find their own success.

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