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Coping With Uncertainty
by Ernest A. Doud, Jr.
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TODAY: Until
fairly recently, the past four years had been a time of plenty for
virtually all of our family business clients. Growth was the
norm. Cash flow was somewhere between good and great.
Profitability was high. Optimism was pervasive. It seemed
that almost every family business we encountered was on a roll. In
that positive environment it was relatively easy to make the decision to
actively plan for the transition of family business ownership, leadership
and management into the next generation. The succession planning
process remained as complex as ever, but that complexity was offset by
the positive dynamics of the times. Spirits were high.
Business was fun. Business owning families felt assured about
tomorrow.
Times have certainly changed. In a matter of months keeping a
business profitable has become more than a full-time job. In most
business sections cash flow is slowing down. Growth strategies are
being replaced by survival tactics. And as to the future...who
knows what to expect?
read more... |
The Sky is Falling! Are Your Deposits Safe?
by David Walters
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As a Banker, I am asked daily about the safety of customer
deposits and how to better protect them. When I started writing
this article, the old standard of $100,000 of FDIC insurance per account
name, per bank was in force. By the time I finished, Uncle Sam had
stepped up his game in an effort to give confidence to the U.S. banking
system by increasing FDIC coverage. This new standard, as well as
several other considerations, provide ways to keep your deposits safe and
help you and your money sleep better at night.
read more... |
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The Juggling Act
by Kathleen Thurmond
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"A
First Person Account of Family Business Joys and Challenges"
As the youngest child in a family of six, I never imagined
that I would be running my father's company. At the age of 6 or 7, I
would accompany my father on Saturdays to fill his soda machine while he
did paperwork or fixed a piece of equipment. My reward was always a
chocolate soda which I relished.
I remember the dry cleaning and laundry smells and the
interesting, robot- like machinery. It was an exciting playground
for a young girl. Walking into the buildings 36 years later to step
into my father's shoes brought back rich memories filled with wonder,
excitement, and a big dose of fear that I would now be at the helm of his
company...alone.
read
more... |
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The Family Owned Business - How To Get Out Alive
by Ernest A. Doud, Jr.
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Most family business founders dream of keeping the
business in the family for generations. Few succeed. The
not-so-obvious reason: many are trapped by the very habits that made them
successful founders in the first place.
A Quick
Look at Family Business Statistics
Some years ago I read the
results of a study about family business longevity. I was impressed
by some of the results and shocked by other! What impressed me was
that, according to the study, about 80 percent of all businesses in this
country are family owned - including one-third of the 'Fortune
500.' Family businesses employ over half the work force and are
responsible for half of the gross national product.
The results I found troubling
were the statistics on family business mortality. That same study
found that only 25 percent of all family businesses would ever survive
into the second generation, and only one in eight would last to the
third. Those, by the way, are no different than the mortality
statistics for all businesses - and therein lies the source of my
disappointment.
read more... |
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You
may visit the Doud Hausner & Associates website at
http://www.doudhausner.net
(just
click the link above)
or
contact us via phone at
818.539.2267 |
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