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trailer<
COMMERCE asked experts from New
Jersey’s leading accounting firms and law
firms to offer financial, legal and management best practices for New Jersey-based family businesses--keys to success for this
generation and the next.
)/DS(text-decoration:;font-size:12.00pt;font-family:'Times New Roman')/BS<>>> endobj 10 0 obj <>/DA(0.000000 0.000000 0.000000 rg)/AP<>/Contents(This excerpt from the article For Most Family Businesses, Success or Failure is All or Mostly "Relative\(s\)" was originally published in the October 2018 issue of Commerce Magazine and is reprinted here with permission. \r)/RC(This excerpt from the article For Most Family Businesses, Success or Failure is All or Mostly "Relative\(s\)" was originally published in the October 2018 issue of Commerce Magazine and is reprinted here with permission.
)/DS(text-decoration:;font-size:12.00pt;font-family:'Times New Roman')>> endobj 11 0 obj <>/Popup 12 0 R>> endobj 12 0 obj <> endobj 13 0 obj <>/Contents(Good governance is critical. According to SCORE, a nonprofit association that partners with the U.S. Small Business Administration to provide educational and mentoring resources for small businesses, 94 percent of family owned firms are controlled by supervisory or advisory boards. Those charged with management of family businesses need to realistically identify strengths and weaknesses of their family members and bring in outside advice and perspectives. The non-family members provide certain objectivity in decision-making which may otherwise be biased by family dynamics. Governance should be clearly documented in the company's organizational documents. A formal succession plan should be adopted with guidance from business and estate planning counsel, seeking financial legacy for the family alongside continued viability of the business, whether still owned by the family or transitioned to professional, non-family management.\r\r)/RC(Good governance is critical. According to SCORE, a nonprofit association that partners with the U.S. Small Business Administration to provide educational and mentoring resources for small businesses, 94 percent of family owned firms are controlled by supervisory or advisory boards. Those charged with management of family businesses need to realistically identify strengths and weaknesses of their family members and bring in outside advice and perspectives. The non-family members provide certain objectivity in decision-making which may otherwise be biased by family dynamics. Governance should be clearly documented in the company's organizational documents. A formal succession plan should be adopted with guidance from business and estate planning counsel, seeking financial legacy for the family alongside continued viability of the business, whether still owned by the family or transitioned to professional, non-family management.
)/DS(text-decoration:;font-size:12.00pt;font-family:'Times New Roman')/BS<>>> endobj 14 0 obj <>/DA(0.000000 0.000000 0.000000 rg)/AP<>/Contents(Wilentz, Goldman & Spitzer, P.A.\rBy Brett R Harris, Esq.,\rShareholder\r)/RC(
Wilentz, Goldman & Spitzer, P.A.
By Brett R Harris, Esq.,
Shareholder
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