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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
September/October 2019
Family Matters
If starting and running a successful business is difficult, doing the same as a family business can seem next to impossible. You can avoid the pitfalls by setting and following some ground rules. Here are a few to consider:
Business is Business
Family businesses are no different than any others when it comes to needing plans, structure and follow-up to succeed.Insurance is Insurance
As with any business, a family business requires all types of insurance to financially protect against property and auto damage, general liability, poor employment practices, errors and omissions, injuries on the job and more.Unlike other businesses, your family firm may want to structure a financial plan to help family members assume ownership while you work, after you retire or in the event of your death.
Also consider how you might equalize your estate for family members outside the business. Often, life insurance can provide a cost-competitive way to do this.
Family is Family
Treating your family member as you would any other business associate works when you’re on the job. During family time, it’s best to keep business out of family affairs. Running a business is hard, and family businesses often find their difficulties increase exponentially because of close ties.CONTACT US
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