“Rags to riches to rags in three generations?” You have something else in mind? The Beringer Group has identified some Key Success Indicators for your consideration. Identify future leaders from within and outside the family Find leaders early and invest in them Approach CEO succession proactively Preserve an enduring sense of clearly defined family values[…]
Is one generation enough time for your family business to realize the company’s mission and objectives? Would you like to successfully transition the family business to your heirs for generations to come? Consider implementing the “Art of Stewardship” in the near-term and as a key part of training and developing future generations. Cultivate a commitment[…]
A large fraction of all privately owned businesses will be exited through either succession or sale during the next decade. Yet, most entrepreneurs are currently NOT deeply engaged in a transition and succession planning process. Most indications confirm that personal, family and psychological factors deter business owners from getting started on this critical planning. Most[…]
Have you assembled best-in-class advisors and now ask…what do I do with them? How will the efforts of the entire team be coordinated? How do you make sure that their work ultimately supports your goals? And, are your personal and business transition plans aligned properly? Every business owner needs a dream team and every dream[…]
Few events are more thoroughly planned than the World Olympics. All potential host locations are examined for worthiness and careful thought is given to the iconic ritual of “the passing of the torch”. OK…..we realize the transition planning process for your private company is not the Olympics. But, you will someday be passing a torch,[…]
by Diane Fye Wealth transfer across generations has a whopping 70% failure rate worldwide. Perhaps more of the focus should be on preparing the receivers. You can have the best wills and trusts, but if your heirs are unprepared your family wealth could easily become part of this statistic. Consider breaking ground on a bridge[…]
by Chris Beringer and Linda Postorivo Every family has unique challenges and obstacles that they face. The Family Office Industry has developed a tag line, “When you’ve seen one family office, you’ve seen one family office”. The level of customization is incredible in supporting high net worth individuals. That said, there are some commonalities among[…]
The Beringer Group enjoys nothing more than recognizing Client Achievement. Our experienced team is driven to exceed client expectations by providing successful, innovative solutions. TBG is nationally recognized as a thought leader in advanced business transition planning and family office advising. The private business and family enterprise has been our core clientele since 1979. Sampling[…]
Business Transition Planning Ideas to Get Started: Engage a lead professional to work with you and your trusted advisors Start early and articulate your objectives Have existing estate documents reviewed Review for consideration all exit options and transition strategies Coordinate personal and business planning to assure attainment of ultimate objectives Begin implementation of chosen strategy[s][…]
by Barry Levin In 2015, the inflation adjusted amount of the applicable exclusion for gift, estate and generation skipping tax purposes will increase from $5,340,000 to $5,430,000. The top gift and estate tax rate remains at 40% and the annual gift tax exclusion remains at $14,000. Increased tax exclusion amounts and persistent low interest rates[…]