Successful athletes work every day to build a strong core. Family-run growth firms must do so, too -- only their core is their culture. Building a strong culture depends on articulating their core values in a meaningful way, so these principles don't end up as just a Boy Scout-like, generic list posted on a wall.
Psychics aren't the only people asked to predict the future. When it comes to succession planning, lawyers ask their business clients to do it all the time. My discussions about succession planning often start out somewhat reminiscent of Alice's chat with the Cheshire Cat in Lewis Carroll's Alice in Wonderland.
Boardmember.com in its October 11, 2012 issue carries an op-ed item by Nathan Bennett and Stephen Miles titled, "Is your Board About to Pick the Wrong CEO." Although targeted to for-profit boards, all of the five items listed can be applied to nonprofit boards. Following are my applications to nonprofit boards.
By Jan. 1, 2013, not only will millions of people owe up to 20 percent more in estate taxes, but their options for asset protection will be significantly worse, as everything over $1 million will be subject to the highest rate of taxation. Not fully exploring your options now could prove very costly.