Family businesses face many challenges as they strive to survive and thrive. Among the most difficult to overcome is one that is unique to a closely held business: divorce. For a family business to survive a divorce, the possibility of divorce must be anticipated and planned for well in advance. While nobody wants to imagine a time when a marriage is dissolved, it is inexcusable to ignore the possibility.
Many family business owners become complacent about creditor exposure because they believe their corporate or limited liability company structure will protect the business. The fact is that if it is a corporation and you or anyone else owns shares in their own name, jointly with another, or even in a revocable trust, the answer is, it’s not protected.
The day-to-day challenges of managing a family business can often complicate or even prevent the development of a continuity plan.
At family-owned A.W. Chesterton Co., they start ’em young; “Some of my earliest memories are my father really talking to me about the business when I was a boy. I think he probably even talked to me when I was in my crib,” jokes CEO and President Andrew Chesterton.
“We use the FBA frequently to update ourselves with the local community, surrounding happenings that we can be a part of or help with and we also utilize the service guide directory to match up with services that assist us in a number of things. I am always excited when something matches exactly what we need at the time we are looking.” “I also know that I can trust the companies that advertise with the FBA because like us, they are most likely family businesses themselves and we like to work with fellow family businesses.”Valerie Bono,
The awards were envisioned as a way to celebrate and recognize the successes of Greater Boston’s many family-owned businesses. From those just starting out to those who have farmed the same land for more than a hundred years, the awards recognize the grit and determination necessary to launch and build a business with family, and to keep that legacy going through subsequent generations.